CB Richard Ellis Loan Servicing, (CBRELS), the special servicer for the U.K. CMBS White Tower Plc, series 2006-3, announced the sale of eight of the nine properties backing the ₤1.15 billion ($1.74 billion) securitized loan.

This announcement showed that the special servicer is following the business plan outlined in previous statements. A successful sale of the buildings will likely allow full repayment to the most senior of five classes of noteholders, CBRELS said in a statement.

The buildings being marketed include offices at Alban Gate and 60 Victoria Embankment, but exclude Aviva Tower, the last building within the CMBS, the servicer said.

After the end of the loan maturity, the deal doesn’t benefit from any hedge between the operating income and the liability payments. Societe Generale analysts said that current Libor levels have significantly reduced the debt servicing, which has resulted in extra cash. The money is being used to repay the notes on a sequential basis, benefiting the senior Class A noteholders.

White Tower defaulted last July. The special servicer plans to hold a bondholder conference call on March 17.

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