(Read more on the debt and equitymarkets.)
PHILADELPHIA-RAIT Financial Trust has closed a euro 900-million(nearly $1.3-billion) European real estate securitized transactionthat will be managed by a RAIT subsidiary. This is RAIT's secondEuro-dominated securitization backed primarily by subordinated andsenior debt issued by real estate companies in Europe. It is thecompany's 13th securitization transaction.
In its current transaction, the locally based financial REITpurchased euro 17.5 million ($24.6 million) of unrated notes in thesecuritization and will earn collateral management and originationfees. Approximately euro 820.3 million (nearly $1.2 billion) ofinvestment grade notes, euro 37 million ($52.1 million) ofnon-investment grade notes, and just over euro 42.7 million ($60.2million) of unrated notes were issued.
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