KBRA Assigns Preliminary Ratings to Taurus 2025-4 UK DAC
11 Jul 2025 | London
KBRA UK (KBRA) is pleased to announce the assignment of preliminary ratings to five classes of Taurus 2025-4 UK DAC, a CMBS single-borrower transaction.
The collateral for the transaction is a £227.3 million limited recourse, first lien mortgage loan originated by Bank of America, N.A., London Branch in July 2025. The floating rate loan has an initial three-year term and two, one-year extension options. The loan is secured by the borrowers’ freehold and leasehold interests in 36 properties, including 23 industrial assets (68.0% of loan balance), eight retail assets (20.9%), and five office assets (11.2%), which together comprise 3.1 million square feet and are located across England and Scotland. As of May 2025, the properties are 89.9% leased to approximately 107 unique tenants.
KBRA analysed this transaction primarily using our European CMBS Rating Methodology, which includes our evaluation of the underlying collateral properties' financial and operating performance, to determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value. KBRA capitalisation rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 32.0% less than third party appraisal values. The pool has an in-trust KLTV of 95.6%.
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