The Commercial Mortgage Securities Association (CMSA) said today that it has started developing a CMSA Investor Reporting Package (IRP) for European commercial real estate capital markets.
This move is a response to pressure from European CMBS buysiders for more reporting standardization. A release from CMSA quoted Mark Miller of Lennar Partners Europe as saying, “The European CMBS market needs a standard that will allow investors to compare bonds across multiple transactions.” He added that Europe would benefit from the increased market efficiency and liquidity that the IRP has brought to American CMBS.
The release also quoted Clive Bull, vice president of J.P. Morgan Securities in London as saying that European CMBS activity has risen by more than 200% over the last three years.
Meeting last week in Paris, CMSA’s European Board decided that creating a European Investor Reporting Package would be the association’s top priority.
As the initial step, the Board assembled a task force to study the unique needs of European CMBS investors. CMSA is currently seeking some input from parties who would potentially be the users or providers of these data standards, including investors, servicers, trustees, arrangers, rating agencies, etc.