Clifford Chance

European CRE CLOs – Some thoughts on a developing asset class

23 January 2023

For a long time, securitisation financing of commercial real estate (CRE) in Europe has been confined to commercial mortgage-backed securitisations (CMBS). However, CRE CLOs are an established asset class in the US and with the growing presence of non-bank lenders originating commercial real estate loans, the signs are that the CRE CLO will emerge as an alternative asset class in its own right.

This article explores some of its emerging features, and some of the key points of difference with European CMBS.

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