First Aussie CMBS refinancing set to go

The Leda Group, a privately-owned Australian property developer, will launch the country's first refinancing of a commercial mortgage backed securitization (CMBS) next week. Fittingly, the deal that is up for renewal - 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.