HSBC has been selected to arrange what will be Singapore's largest CMBS to date. The S$886 million ($560.1 million) deal will partly refinance the $2.2 billion acquisition by CapitaCommercial Trust (CCT) and CapitaMall Trust (CMT) of the Raffles City complex, located in central Singapore.
The development consists of an office tower, shopping mall, convention center and two hotels. If successful, it will be the first CMBS in ex-Japan Asia to include hotel assets. CCT will fund 60% of the purchase, CMT the remainder.
The entities are real estate investment trusts managed by CapitaLand, one of Singapore's leading property developers. Shareholders in both trusts …
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