KBRA Assigns Ratings to Taurus 2025-2 UK DAC
27 Mar 2025 | London
KBRA UK (KBRA) is pleased to announce the assignment of ratings to four classes of Taurus 2025-2 UK DAC, a CMBS securitisation secured by two loans which are not cross-collateralised or cross-defaulted.
The Wildcat Loan is comprised of a £247.8 million senior loan and a £16.2 million pari passu capex facility. The loan is floating rate with an initial three-year term and two, one-year extension options. The loan is secured by the borrowers' freehold and leasehold interests in 21 industrial assets (63.7% of loan balance), 12 office assets (27.7%), and two retail assets (8.6%) located in five regions throughout the UK. As of October 2024, the properties were 98.3% leased to approximately 125 tenants. Subsequent to the publication of our report, the issuer informed KBRA that one property (0.8% of loan ALA) has been released as collateral for the Wildcat Loan.
The Silverburn Loan is a £111.6 million floating rate loan with an initial three-year term and two, one-year extension options. The loan is secured by the borrowers' freehold interest in Silverburn Shopping Centre, a 951,812-sf regional mall located approximately five miles from the city centre of Glasgow. As of December 2024, the property was 91.4% leased to approximately 100 tenants.
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Click here to view the report.