Private Equity Wins Out In Battle For Failed Euro CMBS

Law360, New York (April 17, 2012, 8:36 PM EDT) -- TPG and Patron Capital Ltd. on Tuesday won over investors burned by the default of a €600 million ($788 million) European commercial mortgage-backed security, convincing senior noteholders of a Dutch CMBS to accept their offer over a rival bid from Australian real estate firm Valad.

TPG and Patron's credit bid for Opera Finance, a securitized loan package from Netherlands-based Uni-Invest BV that missed its repayment date in February, will pay senior noteholders 40 percent up front and will issue new notes for the remaining 60 percent....
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