CapitaLand closes $341 million CMBS

Step in the Reit direction for Raffles owner.

CapitaLand is fast becoming Singapore's most ambitious user of real estate investment trusts Reits. The property developer is about to list its second Reit, CapitaCommercial Trust, and is preparing for a third, which will involve residential properties - presumably to be called CapitaResidential Trust if the present nomenclature is continued.

CapitaCommercial has also just closed a $340.6 million debt funding exercise prior to its listing. The securitization, which is the biggest ever from a Singaporean originator, involves four loans made to the trust, which are secured by first-ranking mortgages over four office buildings Capital Tower, Six Battery Road, Robinson Point and StarHub Centre, one mixed-use commercial...

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