The first European commercial mortgage backed security (CMBS) of 2015 has been priced and closed, refinancing the Milan fashion shopping complex No.12 Via Montenapoleone.

Italian bank Banco IMI and Cairn Capital have arranged the €203m CMBS, called Tibet CMBS.

The underlying loan, which was underwritten in full by Banco IMI, is the refinancing of No. 12 Via Montenapoleone which is owned by Statuto Group and is home to brands like Dior, Hermes and Burberry.

It is the first European CMBS of the year and the first to be originated, structured and distributed by an Italian bank since 2007.

The CMBS notes have been placed with European and American institutional investors.