The Japanese real estate securitization market is branching out into more esoteric asset classes than has been the case in the past, with confirmation that Cosmo Oil, Japan's third largest oil company and one of the largest operators of gasoline filling stations in the country, is preparing a deal to securitize revenues from some of its filling stations.

The deal, which Cosmo is working on with IBJ Securities and Sanwa Bank, will be worth around 33 billion ($312 million) and may come to market soon, a Cosmo official said. It will be backed by rent or leases on 396 filling stations, worth 42 billion, which the company has already sold to an SPV. Cosmo will continue to manage the outlets.

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