A&O, McCann FitzGerald secure historic Irish CMBS

Allen & Overy (A&O) and Dublin-based firm McCann FitzGerald are advising Eurohypo on Ireland's first commercial mortgage-backed security (CMBS) for a property company.

The German real estate bank has arranged a seven-year loan worth €375m (£257m) for Real Estate Opportunities (REO), 57 per cent of which is held by Treasury Holdings.

With the deal due to close in mid-February, Arthur Cox partner Cormac Kissane is heading the team advising Treasury Hold-ings, which also includes partner Conor Hurley.

Christian Lambie is leading the A&O team, which includes partner Mark O'Neill, advising Eurohypo on English law, alongside McCann FitzGerald partner Hugh Beattie and consultant Michael Ryan on Irish law.

The CMBS, secured against 16 REO properties, comes approximately eight years after the country's first residential mortgage-backed security and, according to Lambie, "demonstrates that the Irish market is opening up".

Eurohypo was the sole arranger, with Morgan Stanley acting as bookrunner for the securitisation.