A-Reit returns to international capital markets

Singapore continues to breathe life into Asian securitization.

BNP Paribas will begin roadshows next week for an Eu181m $237 million commercial mortgage-backed securitization CMBS for Ascendas real estate investment trust A-Reit. The deal will mark the second offering from A-Reit's MTN programme and the second international securitization out of Singapore so far this year following Suntec's super tight deal in late March.

A-Reit's transaction, issued via SPV Emerald Asset Trust, will have an FRN structure with a maturity of November 2013. It will be collateralized by a loan advance of S$350 million to S$385 million and secured by 23 A-Reit owned industrial properties located throughout Singapore, although the client has yet to determine the final size of the...

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