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Pietra Nera Uno SRL: 01 March 2018

An Italian CMBS transaction, which brings together the pooling of three loans on four properties owned by Blackstone funds. The principal source of payment of interest on the Notes and of repayment of principal on the Notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of (i) the €127,910,000 facility agreement entered into with the Fashion District Borrower on 1 February 2018; (ii) the €177,900,000 facility agreement entered into with the Palermo Borrower on 1 February 2018; and (iii) the €98,000,000 facility agreement entered into with the Valdichiana Borrower on 1 February 2018.

In regard to the Fashion District loan, it has a 74.9% LTV and refinances debt secured by the Mantova Outlet Village and Puglia Outlet Village. These two outlets are currently in the Taurus 2015 IT-1 portfolio and valued at EUR170.7m. The Forum Palermo loan has an LTV of 76.4% based on a market value of EUR232.85m and refinances debt on a shopping centre in Palermo. The Valdichiana loan has an LTV of 71.2% and refinances debt on the Valdichiana Outlet Village in the Tuscany region. It forms part of the collateral in Moda 2014 and is valued at EUR137.7m.

CRR 405: BRE/Europe 7 NQ S.à r.l., as originator, has undertaken that it will retain for the life of the securitisation a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 405(1) of the European Union Capital Requirements Regulation; (ii) Article 51 of Commission Delegated Regulation (EU) No 231/2013 and (iii) Article 254 of Regulation (EU) 2015/35. Such retention requirement will, on the Issue Date, be satisfied by an interest in the first loss tranche by the holding of the Class Z Notes.

Volker Rule: The Issuer is of the view that it is not a “covered fund” as defined in the regulations adopted under Section 13 of the Bank Holding Company Act of 1956, nor will it be immediately following the issuance of the Notes and the application of the proceeds thereof.

Compare/contrast: Taurus 2017-1 IT S.R.L, REITALY Finance S.R.L.