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Deutsche Bank to sell £210m CMBS on Westfield’s Merry Hill

Deutsche Bank will bring a £210m single loan commercial mortgage-backed securitisation (CMBS) to the market in January, secured by the £1bn Westfield Merry Hill shopping centre on the outskirts of Dudley.
By James Wallace
December 8, 2011 | 8:20 P.M.

The loan is secured against the 50% stake held by Queensland Investment Corporation, the Australian government-backed global fund manager, which Westfield sold to for £524m in February 2007. Assuming a circa £1bn valuation, the £210m loan against a 50% stake suggests the LTV would be around 42%.

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