K-REIT, the real estate investment trust established by Singaporean developer Keppel Land, has priced its debut CMBS. Deutsche Bank was sole lead manager on the 97 million ($124.1 million) transaction, issued out of the Blossom Assets SPV.
The deal is backed by cashflows generated by three office buildings located in Singapore's central business district. According to S&P, the assets have a debt service coverage ratio of 2.1 times. In the event K-REIT fails to meet its obligations to CMBS investors, the SPV can seize ownership of the properties.