Indonesian real estate first

You know the markets are getting back to normal when we can write about Indonesian property securitizations.

One of Indonesia's leading property companies signed an innovative commercial real estate mortgage deal on Friday, ushering in an era of near-securitization deals in Indonesia. The $26 million loan was arranged, structured and sold by Lehman Brothers for PT Jakarta Setiabudi Internasional JSI, a property company with commercial, residential and hotel assets in Jakarta and Bali. It was founded by the Darmadi family and listed on the Jakarta Stock Exchange in January 1998.

The deal sees JSI...

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