A commercial property-backed deal was being prepped in Malaysia as of press time. Singaporean real estate investment trust CapitaCommercial Trust, a subsidiary of property developer CapitaLand, will raise M$115 million ($30.95 million) through the Aragorn ABS SPV.
The deal will finance the acquisition of the Wisma Technip building in the Malaysian capital of Kuala Lumpur. Aseambankers will act as lead manager. The 11-story office building is fully occupied with a weighted average LTV of 52.2% and a debt service coverage ratio of 2.26 times. Technic Group, the multinational oil and gas engineering company, occupies 97% of the available space.