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French banking group BNP Paribas has placed a €85 mln CMBS securitisation backed by a retail outlet centre in Sicily.

BNP Paribas said the floating rate CMBS, named Lusso Srl, was privately placed in two unrated tranches.

The CMBS is backed by Sicilia Outlet Village, a luxury retail outlet located in Sicily, Italy. Opened in two phases, 2010 and 2014, the retail centre has over 100 tenants with an occupancy rate over 90%.

The sponsor is Stilo, the real estate arm of Percassi, through its subsidiary Arcus Real Estate. Percassi specialises in the development and management of shopping malls and outlet centres in Italy and is currently building Westfield Milan, the largest mall in Milan in a joint venture with Australian group Westfield.

BNP Paribas said the transaction enables Stilo to diversify its funding and investor base.

UK and Asian investors bought into the CMBS. On the issue date the LTV of the loan was 60.8% and the ICR was 2.5x. The Class A Note is for €65 mln at 46.5% LTV and the Class B Note is for €20 mln at 60.8%. Class A spread is 320 bps and Class B is 600 bps.

This transaction follows another sole-arranged Italian CMBS by BNP Paribas last year. 'Despite its size, we considered a securitisation from inception in order to optimise the profile and benefits for the client, whilst providing investors with an attractive product. And we have been delighted by the reception we received,’ said Fabrice Susini, global head of securitisation, BNP Paribas.