Suntec REIT, managed by ARA Asset Management, completed a 327 million ($437.9 million) CMBS via JPMorgan Securities last week, backed by the cashflows generated on the Suntec City Development, located in Singapore's central business district.

The transaction, issued out of the Platinum AC1 SPV, has an expected maturity of 4.5 years, and priced at 16 basis points over three month Euribor. The single-tranche offering was rated triple-A by Fitch Ratings and Moody's Investors Service. The deal smashed the previous marks of 32 basis points over Libor set last August by CapitaMall Trust's $215 million CMBS via HSBC (see ASR 8/18/04) and 33 basis points over Euribor on Ascendas REIT's 142.5 million deal, also arranged by JPMorgan.

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