The first investor meeting for the largest German multifamily CMBS was held last week.

Deutsche Annington Immobilien, the borrower in the €4.8 billion German Residential Asset Note Distributor CMBS, was reportedly looking to restructure.

According to an investor notice, the aim is to start the exit strategy ahead of refinancing of this €4.8 billion securitization, with the underlying loans maturing in July 2013.

Societe Generale analysts said in a report that conditions for German multifamilty housing securitization are supportive. "(The) sponsor Deutsche Annington (DAIG) is committed to keeping the GRND portfolio and is considering a potential IPO," they said.

However, legal issues remain regarding the deal's potential structural modification stemming from the limited details about the resolution process.

"This may be addressed in two steps: firstly a discussion with a limited number of restricted noteholders [or] secondly coming to an agreement with all noteholders on proposed solutions,"  SocGen analysts said.

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