CapitaMall Trust has closed a securitization offer to fund the acquisition of a new property in Singapore. The $195.5 million raised from the deal, which is issued through the Silver Maple Investment Corporation medium-term note programme, will help the real estate investment trust, or Reit, pay for the Plaza Singapura shopping mall.
The deal was initially marketed to investors at a coupon of 32bp to 37bp over Libor punchy pricing given that the last CMBS deal out of Singapore - a $340 million offer from CapitaLand - sold at 45bp. Although the assets in that deal were less attractive, offices rather than prime shopping malls, most securitization professionals reckoned...
