ANZ Investment Bank will later this month take to more than A$1 billion the value of commercial mortgage-backed transactions undertaken in the Australian market during the last 12 months when it launches the biggest yet seen in the sector - a A$500 million deal for listed property group Mirvac.

Although still small, the Australian CMBS sector is growing, and developing in sophistication, quickly enough to encourage hopes that it will soon offer genuine diversification in a market overwhelmingly focused on residential mortgage assets.

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