Perhaps CMBS issuance has not been where it should be but the latest multibillion multifamily offering from Germany should provide more than enough volume to bring numbers up to speed.

Marketing began for the long-awaited 5.4 billion ($6.87 billion) German multi-family deal, German Residential Asset Note Distributor PLC (GRAND), from Terra Firma's Deutsche Annington Immobilien. According to market data, the GRAND bond sale is almost double the size of the largest CMBS sold in Europe so far this year, and the second largest securitization from Germany to date - second only to the 7.5 billion German postal pensions transaction.

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