Morgan Stanley later this month is expected to close the first European CRE CDO, to be managed by BlackRock Financial Management.

The 343 ($435 million) deal is the first in a string of expected CRE CDO issuance in Europe. The notes, maturing in 2042, carry Derivative Fitch and Moody's Investor's Service ratings. The transaction is backed primarily by CMBS and subordinate real estate debt being managed by BlackRock Financial Management.

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