Morgan Stanley has launched Usil Eloc No. 36 Dac, a €723.9m CMBS single-borrower transaction collateralised by a portfolio of 100 German industrial assets owned by Blackstone along with M7 Real Estate and majority bought from Hansteen. The issuance is the latest in a significant flurry of European CMBS activity in recent weeks, driven by a desire to push on ahead of the UK’s deadline to leave the European Union.