CMBS

The Bank of England issued a market notice indicating that it plans to move ahead with new disclosure requirements, according to a Reuters report.

Cole Real Estate Investments hired Travis Bowers as senior director of underwriting. In this role, Bowers will be responsible for underwriting functions related to analyzing and acquiring prospective office and industrial acquisition pursuits.

More data show CMBS delinquencies have been climbing at a notably slower rate, but experts are still seeing downgrades increase and more challenges ahead.

Law firm Nixon Peabody has named veteran partner Craig Mills as head of its global finance practice, which it plans to expand, the firm said today.

The Securities and Exchange Commission (SEC) issued a temporary order yesterday allowing foreign ABS issuers to sell ABS to foreign investors without complying with the SEC’s new rule 17g-5.

The split in the commercial real estate (CRE) market continues to widen, with historically high prices being paid for institutional properties in top markets, while other markets have little or no activity except for distressed property sales, according to the third quarter activity report from the CCIM Institute and the Real Estate Research Corp. (RERC).

Real estate asset investor Cole Real Estate Investments hired Mitchell Sabshon as executive vice president and chief operating officer.

Voit Real Estate Services hired Darren Tappen as a commercial real estate broker. Tappen specializes in industrial, office and land acquisition, disposition and development in the Phoenix metropolitan area, according to a press statement.

Barclays Capital and Morgan Stanley have structured a $355 million deal backed by billboard collateral, the first of its kind to be rated by Moody’s Investors Service. The deal securitizes 10,172 billboard faces, associated with 4,982 outdoor advertising structures and related permits, licenses, ground leases and the property on which the billboards stand, according to a Moody’s pre-sale report. In the 12 months through last September the portfolio of billboards brought in $98 million in revenue, generating an operating margin of 61%. Minnesota-based AOA Management Company Limited Partnership will manage the billboards for the deal’s issuer. The agency gave preliminary ratings of ‘A(sf)’ for the $254 million in A notes, ‘Ba2(sf)’ for the $44 million in B notes, and ‘B3(sf)’ for the $57 million in C notes.

Ireland is the latest country to test the resiliency of European securitization structures against sovereign risk.