Ireland's first-ever CMBS deal in January may not lead to a deluge of Irish CMBS, but it does signal this jurisdiction may be coming into its own as a securitization destination of choice.

Eurohypo arranged the 375 million ($448 million) seven-year loan for Real Estate Opportunities Limited, a property investment company with real estate assets of more than 850 million ($1.06 billion). The loan will be used to replace existing borrowings, thus driving down costs while also freeing up cash.

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