Morgan Stanley Dean Witter continues to be one of the most active players in Europe, returning to market recently with the fourth securitization from its European Loan Conduit.

The deal, worth GBP462.175 million ($677.2 million), securitizes a mortgage loan made by the bank for six shopping centers bought in a joint venture between U.K real estate manager MPEC and Westfield Holdings, the Australian shopping-center owners. MSDW acted as sole arranger and lead manager on European Loan Conduit No.4.

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