CapitaRetail closes shopping mall securitization

CapitaLand has completed a securitization backed by mortgages on three suburban shopping malls in Singapore. The offer, made through the CapitaRetail Singapore special purpose vehicle, was split into two highly rated euro-denominated tranches and two lower rated Singapore dollar tranches, making it the first credit-tranched commercial mortgage-backed securitization (CMBS) to be offered in Singapore.