The recent property acquisitions reported over the last two weeks are signs that the U.K. commercial property investment market may be headed towards revitalization. However, while these tentative signs are a credit positive for CMBS, the individual credits may be affected differently if “share deal” structures are used, Moody’s Investors Service analysts said.

Traditionally, investors purchase a property outright, which implies that the seller prepays the existing debt secured by this property. “Share deals” are an alternative wherein the investor acquires the property by purchasing the equity interest in the property holding company.

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