Australand opens securitization account

Property investor''s debut securitization finds investors despite market conditions.

Australand, an Australian property developer and subsidiary of Singapore's CapitaLand, launched and priced its first securitization at the end of last week, a A$104.1 million commercial mortgage backed CMBS issue led by ANZ Investment Bank.

The deal is backed by pre-sale contracts for units in the yet-to-be completed Quadrant Off Broadway development, located near Sydney's central business district. The Quadrant is made up of residential apartments 65% of the project, commercial units 15% and student accommodation 20%.

Proceeds from the transaction will be used to finance the development of Quadrant and, to date pre-sale contracts to the value of around A$139.3 million have already been secured.

The bonds, issued through the Quadrant...

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