Goldman Sachs International Bank and Societe General priced Italy’s first post-crisis CMBS backed by a loan secured on Italian retail properties, according to market reports.

The deal, Gallerie 2013, was assigned preliminary ratings by Fitch Ratings. It is structured with 4 tranches: the €271 million class A notes are rated ‘A’; the €50 million class B notes are rated ‘A-’, and the €42 million class C notes are rated ‘BBB-’.  

The 5-year, class A notes priced at 225 basis points over the three month Euribor, the class B notes priced at 325 basis points over the three month Euribor, and the class C notes priced at 455basis points over the three month Euribor according to a Bloomberg report. The issuer pre-placed about 50% of the B and C tranches when the deal was announced in the third week of Nov.

The deal is backed by 13 shopping centers and 2 retail parks spread across Italy.

Investor-placed European CMBS issuance is currently €8.2 billion—more than 3x issuance in 2012, according to figures reported by Standard & Poor’s today.  

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