KBRA Affirms All Outstanding Ratings for Last Mile Securities - PE 2021 DAC
3 Apr 2025 | London
KBRA UK (KBRA) affirms all of its outstanding ratings for Last Mile Securities – PE 2021 DAC, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has demonstrated stable performance since KBRA's last ratings change in April 2024.
The collateral for the transaction is a single, limited recourse, first-lien mortgage loan secured by the borrower’s interests in 49 primarily industrial assets of which 44 are freehold, four leasehold, and one a combination of freehold and leasehold. Together, the properties comprise 651,833 square metres (sqm) and are located across the Netherlands and Germany.
Since the transaction closing date in April 2021, there was a principal distribution of €75,000 at the August 2021 IPD due to an initial over issuance at closing. This resulted in a pro-rata reduction of the Notes balance. There have been no property sales since closing and the loan balance remains at €383.5 million as of the current review.
KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €30.5 million and KBRA value of €423.7 million (€650 per sqm). The resulting in-trust KLTV is 90.5%, down from 91.7% at last review and from 106.5% at securitisation.
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