Press Release|CMBS
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KBRA Affirms All Ratings for UK Logistics 2025-2 DAC

28 Oct 2026   |   London

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KBRA UK (KBRA) affirms all its outstanding ratings for UK Logistics 2025-2 DAC, a CMBS single-borrower transaction. The rating actions follow a surveillance review of the transaction, which has exhibited broadly stable collateral performance since securitization for the remaining portfolio, with improved rental performance and loan deleveraging partially offset by property disposals and slightly higher portfolio vacancy.

The collateral for the transaction at closing was a £510.0 million participation in a £760.3 million limited-recourse, first-lien mortgage loan originated by Natixis, London Branch, Natixis Pfandbriefbank AG, Société Générale, London Branch, and Morgan Stanley Bank, N.A. in August 2025. As of the Q2 2026 investor report, the senior loan balance has reduced to £647.9 million, of which £434.6 million represents the securitised loan. The loan is currently secured by the borrowers’ interests in 88 industrial and logistics properties, compared with 114 properties at closing. Together, the properties comprise approximately 8.2 million square feet (sf) and are located across England, Scotland and Wales, with concentrations in the North (38.6% of ALA), South East (26.6%), and Midlands (21.5%). As of Q2 2026 investor report, the portfolio is 85.0% leased, compared with reported occupancy of 85.4% at closing for the remaining properties.

KBRA utilised information obtained from the servicer to analyse the loan collateral. The analysis for the remaining 88 properties produced a KNCF of £43.2 million and KBRA value of £600.8 million (£74 per sf). The resulting in-trust KLTV is 107.9%, compared with 106.3% at securitisation. KBRA assigns a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.

About KBRA UK

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Kroll Bond Rating Agency UK is located at First Floor, Marble Arch House, 66-68 Seymour Street, London W1H 5BT, United Kingdom.

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