Deutsche Bank is remarketing a U.K. commercial mortgage securitization backed by the Westfield shopping center after having pulled the deal in early August.

Deutsche Bank and Credit Agricole, the lead arrangers on the single-tranche deal.

In July the banks were looking to sell £750 million ($1.26 billion) of bonds backed by the London based mall. Deutsche Bank and Credit Agricole opted not to retain a 5% stake in the deal since it was not classified as a securitization under the European Commission’s Capital Requirements Directive (CRD) retention rules.  The CRD defines a securitization as comprising multiple tranches of bonds.

However according to several market reports the deal was eventually postponed as several investors believed there should be 5% retention within the capital structure.

Nevertheless, the issuer maintains that the deal is not a securitization for the purposes of Article 405 of the CRR and Article 17 of the AIFMD, and does not intend to retain a 5% stake. 

The £750 million single tranche deal is backed by a five-year loan on the Westfield shopping center. DBRS has assigned preliminary ratings of ‘AAA’ to the tranche. Fitch Ratings is also expected to rate the deal.

Elsewhere in the European CMBS market, Deutsche Bank priced  €250 million ($324 million) of securities issued under its TULIP CMBS shelf on Monday. 

The deal, DECO 2014-TULIP LIMITED,  is backed by two commercial mortgage loans that are secured by 20 properties, according to a person familiar with the deal. The underlying loans have terms of five years. The pool offers a mix of properties located throughout the Netherlands. Retail properties make up the biggest slice of the pool at 54.6%; office properties represent the second biggest slice at 42.2% and the rest is comprised of mixed-use properties. The properties are 85.8% occupied.

Standard & Poor’s and DBRS rated the notes.  The class A, ‘AAA’/ ‘AAA’ rated notes priced at 98 basis points over three month Euribor and the class B notes rated ‘AAA’/ ‘AA’ priced at 120 bps.

Further down the capital stack the ‘AA+’/ ‘A’ rated class C notes priced at 155bps; the ‘AA’/ ‘A’ rated, class D notes priced at 170bps and the class E notes, rated ‘A’/ ‘BBB’ priced at 210 bps.

The pool offers a mix of properties located throughout the Netherlands. Retail properties make up the biggest slice of the pool at 54.6%; office properties represent the second biggest slice at 42.2% and the rest is comprised of mixed-use properties. The properties are 85.8% occupied.

Deutsche Bank retained  5% of each class of notes to satisfy risk-retention requirements.

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