First Aussie CMBS refinancing priced

The renewal of Leda Group''s A$215.2 million deal in 1999 prices just outside the original.

The Leda Group, the privately owned Australian property developer, yesterday priced the country's first refinancing of a commercial mortgage backed securitization CMBS. Fittingly, the deal that is being refinanced - a A$215.2 million $120.8 million issue launched in December 1999 and due to mature on December 3 - was one of the first CMBS deals to hit the Aussie market, and the first by a private company rather than a listed property trust.

ANZ Investment Bank, which put together the first deal, continued in its role of lead manager on the second issue.

Leda is securitizing incomes generated by two retail properties the Tuggeranong Hypodome in Canberra and the Morayfield Shopping Centre in Brisbane....

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