Baker & McKenzie announced today that it advised WTF Holdings (Switzerland) Ltd. (“WTF Holdings”), a joint venture of Lehman Brothers Real Estate Partners and PSP Swiss Property AG, on the real estate aspects of the € 699 million Eiger Trust Securitization, a multi-tranche CMBS benchmark issue for WTF Holdings. The transaction is the first ever CMBS transaction in Switzerland, introducing CMBS as a viable financing tool to the Swiss Market.
The Eiger Trust issuance is backed by 112 commercial property assets, which are located throughout Switzerland and are generally used as office space, industrial or storage space.
WTF Holdings was formed as a joint venture between Lehman Brothers Real Estate Partners and PSP Swiss Property AG to acquire one of two commercial mixed use property portfolios being sold by Swisscom AG. The Baker & McKenzie lawyers advising on this transaction were Zurich partners Martin Furrer and Markus Affentranger.