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Windermere VII CMBS (IRSH)

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Monday 20 February, 2012

Windermere VII CMBS

Special Notice

RNS Number : 7381X
Windermere VII CMBS Plc
20 February 2012
 



Hatfield Philips International Limited-Special Notice

20 February 2012

Windermere VII CMBS p.l.c.(the "Issuer")

Class A1 Commercial Mortgage Backed Notes due April 2016

Class A2 Commercial Mortgage Backed Notes due April 2016

Class X Commercial Mortgage Backed Notes

Class B Commercial Mortgage Backed Notes due April 2016
Class C Commercial Mortgage Backed Notes due April 2016

Class D Commercial Mortgage Backed Notes due April 2016

Class E Commercial Mortgage Backed Notes due April 2016

Class F Commercial Mortgage Backed Notes due April 2016

 

(together, the "Notes")

 

Accordingly, the Special Servicer hereby gives notice with respect to the Redleaf I Mortgage Loan (the "Loan").

The Valuation prepared as at 31 December 2011 shows that the market value of the Properties is EUR 11,175,000 against a current debt of EUR 24,506,014.93 (the "2011 Valuation").

The 2011 Valuation shows a fall in value of EUR 13,213,000 from the previous Valuation of the Properties of EUR 24,388,000 dated 31 December 2010.

The fall in market value is largely due to a decrease in ERV and an increase in the yields.  Please see the table below for further details:

Assets

2010 Valuation

Market Value

2011 Valuation

Market Value[1]

Difference

Change %

Los Arcos

€ 7,048,000

€ 2,160,000[2]

€ 4,888,000

69%

Los Palacios

€ 4,370,000

€ 2,650,000

€ 1,720,000

39%

Navalmoral

€ 4,920,000

€ 3,730,000

€ 1,190,000

24%

Puente Genil

€ 5,530,000

€ 1,075,000

€ 4,455,000

81%

Puertollano

€ 2,520,000

€ 1,560,000

€ 960,000

38%

Total

€ 24,388,000

€ 11,175,000

€ 13,213,000

54%






Assets

2010 Valuation

Passing Rent

2011 Valuation

Passing Rent

2010 Valuation

Vacancy

(by NLA)

2011 Valuation

Vacancy

(by NLA)

Los Arcos

€ 619,487

€ 417,296

4%

14.28%[3]

Los Palacios

€ 406,839

€ 397,304

0%

0.00%

Navalmoral

€ 466,278

€ 454,469

2%

4.02%

Puente Genil

€ 500,048

€ 250,383

20%

33.60%

Puertollano

€ 233,143

€ 234,984

0%

0.00%



 






Assets

2010 Valuation

ERV

2011 Valuation

ERV

2010 Valuation

NIY

2011 Valuation

NIY

Los Arcos

6.51

4.77

7.65%

10.51%

Los Palacios

8.72

6.42

8.50%

10.03%

Navalmoral

8.18

6.52

8.54%

9.00%

Puente Genil

6.75

4.08

5.89%

10.02%

Puertollano

8.31

5.64

8.52%

8.99%






Terms used and not defined herein shall have the meaning ascribed to them in the Prospectus dated 12 May 2006.

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

This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.


[1] Assumes that the properties are sold on an individual basis as opposed to on a portfolio level basis.

[2] The opinion of the valuer is that if the lease with the key tenant is not signed the value of the asset will be €1,975,000.

[3] Assumes that a key tenant lease is signed and they start to operate in May 2012.


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