In an offbeat transaction reflecting the increasing range of cash flows being securitized in Japan, a major carpark operator announced plans to launch the country's first parking lot-backed transaction.

Park24 Co. said it is studying a plan to raise roughly 2.3 billion ($19 million) through securitizing a parking lot now being built across from Kawasaki, a major train station in Tokyo. The 10-story structure will hold up to 300 cars upon completion in February 2000 and, even with an occupancy rate of roughly 30%, the firm expects 300 million in annual revenue, according to the Japanese media.

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