Central Tower Estate Co. has launched a Y135.7 billion CMBS transaction, marking the largest-ever Japanese CMBS.

The transaction, led by Mizuho Securities Co. Ltd. and Daiwa Securities SMBC Co. Ltd., is backed by four office buildings that were purchased from KDDI Corp. The notes are secured by interest in the trust with Yasuda Trust & Banking Co. Ltd. The deal also entails subordinated loans and a TK equity investment under Japan's commercial code, which is subordinated to the rated notes.

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