The European CRE CDO market launched in December 2006 with BlackRock’s Anthracite Euro CRE CDO I, arranged by Morgan Stanley. Collateral constituted a range of commercial real estate assets, including CMBS, B notes, C notes and mezzanine loans. Structurally similar to the US CRE CDO model, the Anthracite transaction was the first in Europe to comprise a range of commercial property related assets and signified the birth of a market that it is hoped will grow in tandem with the CMBS market in Europe.
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