Bruegel 2021 DAC: Presale Report

Bruegel 2021 DAC is a EUR 220.15 million securitisation of one Dutch senior commercial real estate loan whose main purpose is to refinance the PPF loan securitised in another DBRS Morningstar-rated commercial mortgage-backed security (CMBS) transaction, Kantoor Finance 2018 DAC. The senior loan was advanced by Goldman Sachs Bank Europe SE (Goldman Sachs Europe) and is secured against nine Dutch assets, eight of which are office buildings and one of which is a retail asset. PPF Group N.V. (PPF or the Sponsor) and NL Asset Management B.V. remain the owner and asset manager of the portfolio, respectively.