Societe Generale and Industrial Bank of Taiwan (IBT) are busy putting the final touches on what will be the first real estate asset trust (REAT) launched under the Real Estate Securitization Law.

The NT$2.13 billion (US$63.5 million) transaction involves the sale into a REAT by Chia Hsin International, a Taiwanese property conglomerate, of its stake in the IBM Building, located in the heart of Taipei's central business district. As well as ownership, Chia Hsin has acted as property and leasing manager on the building for the past 17 years, roles it will continue to fulfill during the life of the eight-year transaction.

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