Barclays Bank, Standard Chartered and Wells Fargo are preparing to launch the first new UK commercial mortgage-backed securitisation since the Iran war began.
According to a proposed issue note from Deloitte, UK Logistics 2026-2 is a CMBS that could be backed by up to 325 properties and 3,877 tenant units, with Blackstone's Mileway European "last-mile" industrial business the sponsor. It is thought that the parameters will ultimately lead to around 200 warehouses being used as collateral.
After a revival in 2025, new CMBS issuance in the UK started 2026 well with four coming to market by February. But since the Iran war began, only HSBC's launch of the refinancing of Westfield's Stratford City has taken place.
The presales process for a £750 million commercial mortgage-backed securitisation backed by Westfield Stratford City shopping centre in east London, one of Europe's largest malls, started in April. That refinanced a prior CMBS, and therefore was not new issuance.
New European CMBS issuance soared in 2025 to €8.7 billion in 17 transactions across multiple sectors, against €2.2 billion in five transactions the previous year, to chalk up the highest annual volume for more than a decade, according to a report from Scope. That included €5.3 billion in the UK. Blackstone accounted for roughly 72% of European and 79% of UK issuance that year.
To underscore the increasingly competitive and active market before the Iran war, Bank of America, Standard Chartered Bank and Wells Fargo priced Sirius Logistics 2026-1 UK DAC in January at the most tightly priced sterling-denominated CMBS since the pandemic.
The transaction was for £500 million, expanded from £375 million at launch, secured against a portfolio of 124 last‑mile industrial and logistics assets across the UK, owned by Mileway, the Blackstone portfolio company.
That securitised an £804 million loan provided by Bank of America, Standard Chartered and Wells Fargo to finance 126 properties at a 60% loan to value. That refinanced three loans originated by BoA in 2021.
The deal was priced with a weighted average margin of 154 basis points and underwritten at 60% loan to value. The market will be keenly following how the latest CMBS prices.
Mileway is the largest owner of last-mile logistics real estate assets in Europe with an owned portfolio of approximately 1,600 properties totalling 14 million square metres across 10 countries, according to a release from the company at the end of 2025. At the time it had over 500 employees and a local presence in each of its markets.
CoStar News revealed that Blackstone had refinanced its Mileway logistics platform with €7.5 billion of debt from existing and new lenders in December 2023.
When Mileway was recapitalised early in 2022, it was valued at around €21 billion.
Blackstone declined to comment.