KBRA Upgrades Five Ratings and Affirms All Other Outstanding Ratings for Last Mile Securities - PE 2021 DAC
2 Apr 2026 | London
KBRA UK (KBRA) upgrades the ratings of five classes of notes and affirms all other outstanding ratings for Last Mile Securities – PE 2021 DAC, a CMBS single-borrower transaction. The rating actions follow a surveillance review of the transaction, which reflects improved portfolio performance and lower KLTV since KBRA’s last review and since securitisation.
The collateral for the transaction is a single, limited recourse, first-lien mortgage loan secured by the borrower’s interests in 49 primarily industrial assets of which 44 are freehold, four leasehold, and one a combination of freehold and leasehold. Together, the properties comprise 649,444 square metres (sqm) and are located across the Netherlands and Germany.
Since the transaction closing date in April 2021, there was a principal distribution of €75,000 at the August 2021 IPD due to an initial over issuance at closing. This resulted in a pro-rata reduction of the Notes balance. There have been no property sales since closing and the loan balance remains at €383.5 million as of the current review.
KBRA utilised information obtained from the trustee and the servicer to analyse the loan collateral. The analysis produced a KNCF of €31.2 million and KBRA value of €432.5 million (€666 per sqm). The resulting in-trust KLTV is 88.7%, down from 90.5% at last review and from 106.5% at securitisation.
KBRA upgrades the following rating:
Class B to AA+ (sf) from AA (sf)
Class C to A+ (sf) from A (sf)
Class D to BBB+ (sf) from BBB (sf)
Class E to BBB- (sf) from BB- (sf)
Class F to BB- (sf) from B (sf)
KBRA affirms the following ratings:
Class A1 at AAA (sf)
Class A2 at AAA (sf)
To access ratings and relevant documents, click here.
Click here to view the report.