Windermere III commercial mortgage-backed securitisation
Lehman Brothers was sole bookrunner
In a first for Sweden, Lehman Brothers completed Windermere III, the country’s CMBS, backed by a portfolio of 29 office, retail, warehouse and mixed-use assets. The deal introduced CMBS as a viable financing vehicle for commercial real estate in the Swedish market and gave asset-backed securitisation investors a rare chance to participate in the Swedish property market.
The highly structured nature of the underlying loans enabled Lehman to achieve high ratings, from AAA through BBB-, on a loan-to-value ranging from 53% on class of notes to 77.5% on the lowest-rated notes. The total issuance amounted to €460.2m, with broad demand from across Europe and investor type.
