Vesteda, the Netherlands residential property investment fund, launched a EUR 350 million ($470 million) CMBS tap issue from its Vesteda Residential Funding II BV program.

This is the first European CMBS transaction of 2010 as well as the first Dutch CMBS issue since the start of the financial crisis in 2007. The portfolio of underlying assets is rented multi-family apartment blocks and houses in the Netherlands.

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