Ascendas Real Estate Investment Trust, established in 2002 by Ascendas MGM Funds, priced last Tuesday its second cross-border CMBS offering. The Singaporean REIT issued 165 million ($211.3 million) of 7.5-year paper via lead manager BNP Paribas, in a deal that ended slightly smaller than the expected 181 million.

The transaction is secured by a S$380 million (US$230.8 million) loan advance held over 23 industrial and commercial properties located in Singapore. There was no cross-collateralization between the properties included in this deal and its debut offering from August 2004, an 142.5 million CMBS via JPMorgan Securities and Overseas-Chinese Banking Corp., which priced at 33 basis points over Euribor (see ASR 8/9/04).

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