Real estate investment trust CapitaMall Trust, established in 2002 by Singaporean property group CapitaLand, has launched the fourth CMBS from its Silver Maple Investment Corp. medium-term note program. The latest deal, which at closing will be worth S$433 million (currently $256 million), takes overall issuance by CapitaMall Trust to $1.105 billion. It is also the ninth securitization tied to CapitaLand, either off its own program or through its two REITs, CapitaMall and CapitaCommercial Trust.
HSBC Securities is the arranger for the seven-year transaction, which was roadshowed in major European and Asian financial centers last week. Proceeds will finance the acquisition of four new, primarily retail, properties - worth S$699 million - to go into the trust. The overall portfolio now includes nine properties independently valued at S$3.3 billion, with a 1.76 times debt-service coverage ratio.