NEW YORK and LONDON-Situs, a leading global real estate advisory firm, has been named as Servicer and Special Servicer for the $404 million (£263M) Debussy DTC PLC Commercial Mortgage Backed Security (CMBS) on the Toys “R” Us UK portfolio.

This transaction represents the first secondary commercial property portfolio to return to European securitization markets since the global financial crisis. Situs' appointment will build on its growing market leadership in servicing European securitizations, a nod to its strong reputation in providing innovative solutions on similar transactions in Europe and the US.

Toys “R” Us refinanced the matured Vanwall transaction in April 2013 with an initial seven-year fixed rate bridge loan. The loan has subsequently been securitised into the Debussy DTC PLC CMBS issuance on July 24, with the transaction having been tailored by the lending requirements of Toys “R” Us and the underlying noteholders. The securitization has been structured by Cairn Capital as arranger with the transaction comprising three classes of bonds A, B and C with ratings provided by Standard & Poor's and DBRS to the class A Notes.