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Deer Funding UK Plc: 02 April 2017


The Issuer will make payments on the Notes from (i) a proportion of the principal and interest received with respect to its holding of a £116,362,272.50 pari passu tranche of a £264,000,000 loan advanced by Morgan Stanley Bank N.A, as original lender under a facility dated 18 October 2016 and (ii) the Notes Relevant Proportion of all other fees and amounts payable to the Issuer as lender of record under the Senior Facilities Agreement. Payments of amounts under the Underlying Loan received by the Issuer will be applied in accordance with the Pre-Enforcement Priority of Payments or the Post Enforcement Priority of Payments, as applicable, and allocated to the Notes.

The Term Facility A Loan is secured by a portfolio of commercial properties located in the United Kingdom. As at 9 May 2016 (a) the Portfolio comprised of the Devonshire Square Estate, London EC2M 4YE; (b) the aggregate value of the Portfolio was £480,000,000, which represents an average capital value of £715/sq ft. The Portfolio produces a Contracted Annual Gross Rental Income of £19,530,849, which represents an actual Gross Rental Income of £19,228,401 and (c) the average occupancy of the Portfolio was 73.0% (weighted by square foot). The weighted average unexpired lease term to first break of the Portfolio was 7.99 years (weighted by contracted rent). The tenant base was granular, comprising more than 40 tenants across the portfolio.

The portfolio is mostly comprised of offices, with a small component of residential and retail. Geographically, the portfolio comprises a single estate located in London, United Kingdom.

Note: Ratings have not been requested or assigned to the Notes as at the Closing Date.


CRR 405: The Issuer is of the opinion that Article 405 of Regulation (EU) No. 575/2013 of the European Parliament and Article 51 of Regulation (EU) 231/2013 do not apply to the issue of the Notes.

Compare/contrast: European Loan Conduit No. 29 (Xuthus)