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Commercial property area targeted for securitisation.(Macquarie Office Trust)(Brief Article)

By Martin, Steve
Publication: Australian Banking & Finance
Date: Friday, July 14 2000

THE AUSTRALIAN structured finance market - which is dominated by the $40 billion-plus mortgage-backed securities sector - has taken another step towards diversifying into commercial mortgage securitisation with the first such deal transacted on behalf of a property trust.

Macquarie Office Trust, a listed entity with gross assets of around $880 million, has mandated Westpac Banking Corp to arrange an issue of three-year bonds with the coupon payments and redemptions backed by repayments on mortgages over 16 of the 18 prestigious buildings within the trust.

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