Macquarie CountryWide Trust has issued its inaugural $450 million domestic Commercial Mortgage Backed Securities program.
The issue was backed by a portfolio of 52 freestanding, neighbourhood and subregional shopping centres and was arranged by National Australia Bank and was jointly lead managed by National Australia Bank and Macquarie Bank.
Funds from the issue will be used to repay existing bank debt, Macquarie CountryWide chief executive Steven Sewell said the CMBS program is an important part of the trust’s ongoing capital management plan.
“The program diversifies the trust’s funding base while providing one of the most competitively priced debt sources available,” he concluded.
By Adam Parsons
