Japan is about to see one of the biggest CMBS issues of the year, as Merrill Lynch brings a 75 billion ($689 million) securitization backed by Seibu Corp.'s flagship store in Tokyo, market pros in Japan said.

The domestic sale and leaseback-style transaction, which will allow Seibu to continue to operate the store, arises because Seibu is part of the Credit Saison group. Saison also owns a property developer called Seiyo Corp., which has just filed for liquidation after suffering considerable losses since the bursting of the bubble economy at the start of the 1990s.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.