DBS Bank is close to completing the S$505 million $285.4 million securitization that will fund the acquisition of the Capital Square commercial development by Ergo - one of Germany's biggest insurance companies - from Keppel Land and Rodamco Asia.
Capital Square, recently valued at $508 million by Colliers International, is located in Raffles Place in Singapore's central business district and is considered to be one of the prime commercial properties in the Lion City. The development, which has close to 100% occupancy, includes a 16-storey grade-A office building, home to the likes of Barclays Capital, Citibank and Morgan Stanley.
The transaction, issued through the Queensley Holdings Limited special purpose vehicle, has been split into two...
