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Titan Europe 2006-3 (IRSH)

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Tuesday 03 January, 2017

Titan Europe 2006-3

Target Update

RNS Number : 1732T
Titan Europe 2006-3 plc
03 January 2017
 

Company Name:                Titan Europe 2006-3 Plc

Headline:                          Target Loan Update

                                                                                                                 

 

RNS Number:                   

Titan Europe 2006-3 plc

 

RIS Notification

 

                                        03 January 2017

 

Titan Europe 2006-3 Plc (the "Issuer")

 

€471,975,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257767631/XS0257772987)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768100/XS0257773951)

€245,427,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768522/XS0257775576)

€51,917,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769090/XS0257776624)

€56,637,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769769/XS0257777515)

€37,900,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770007/XS0257778836)

€30,043,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770775/XS0257779131)

€40,400,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770858/XS0257779727)

€9,351,559 Class H Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257771310/XS0257780816)

 

 issued by

 

Titan Europe 2006-3 plc (the "Issuer")

  

(together referred to as the "Notes")

 

The Notes are admitted to the official list of the Irish Stock Exchange and to trading on the regulated market.

 

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure by or on behalf of the Issuer of any inside information concerning the Issuer.

 

Capitalised terms used but not otherwise defined in this notice have the meaning given to them in the Final Offering Circular dated 26 June 2006 in respect of the Issuer and the Master Definitions Schedule dated 27 June 2006 between, among others, the Issuer and the Note Trustee.

 

The following notice has been prepared by and issued at the request of the successor Special Servicer. The Issuer has not independently verified information contained in this notice.  Accordingly, the Issuer hereby gives notice of the following in relation to the Target Portfolio Loan.

 

 

The successor Special Servicer has confirmed that the commercial court of Paris has ordered the sale of the Colombes Property to Colombes City Hall for a gross price of €5,500,000. It is anticipated that completion will occur after the January 2017 interest payment date.

The property has been generating significant liabilities since December 2014 when the Tenant, Thales, vacated leaving the property 100% vacant. In January 2016, the successor Special Servicer met with the mayor of Colombes who at the time submitted an initial bid of €1mm which was ultimately rejected. The successor Special Servicer continued to liaise with the court to effect a liquidation process and a managed sales process in order to provide recoveries in excess of the initial bid received from Colombes City Hall. In October 2016, the director of Kalkalit Colombes filed for the liquidation of the company as a result of insufficient funds being available for the upcoming payment of the land tax due in October (€1.2mm). The disposal of the Colombes Property, representing gross recoveries of €5.5mm, is the successful result of the aforementioned initiatives.

 

Further updates regarding the ongoing asset management initiatives and exit strategy will be provided in due course. 

For queries relating to the above, please contact: [email protected]

 

This notice is given by

 

TITAN EUROPE 2006-3 PLC

 

as Issuer

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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