Sunway City, the Malaysian property developer with interests in hotels, the leisure industry and health care, is to give the Malaysian securitization marker a welcome boost with a M$450 million $118.4 million commercial mortgage backed CMBS transaction.
Deutsche Bank will act as sole lead manager and bookrunner on the deal, to be launched through the ABS Real Estate special purpose vehicle later this month. The transaction will not only be the first CMBS launched into the still embryonic Malaysian ABS market, but the first property related securitization of any type.
Sunway says that the securitization is part of continuing restructuring efforts to lower its level of gearing and strengthen its financial profile. Although Sunway achieved...
