Taishin Financial Holding Co (台新金控) and Test Rite Inter-national Co (特力集團) yesterday heralded the success of their joint effort to securitize a Test Rite office building -- Time Plaza (美孚時代通商大樓) -- on Chunghsiao E. Rd.
"We've successfully located over 30 institutional investors, who agreed to put down investments in the upcoming issuance of NT$600 million-worth of beneficiary shares backed by the building," Justin Tsai (蔡榮棟), general manager of Taishin Financial's wholesale banking group, told a press conference yesterday.
Test Rite chairman Tony Ho (何湯雄) said he expected to see a capital income of NT$120 million after the securities deal is completed.
The bank's securitization plan, slated to launch in June, is the first property-backed securitization project targeting pre-sold housing units, Taishin chairman Thomas Wu (吳東亮) said.
Taishin will submit an application to the Ministry of Finance for approval in mid-April, Wu said.
According to Tsai, the building's eighth, 10th, 14th, 17th and 18th floors measure a total of 1,445 ping, yielding an annual rental of NT$34 million. The building's third and fourth basement floors also have 18 highly marketable parking spaces.
With a possible yield rate of between 3 and 5 percent, the seven-year beneficiary share deal was very attractive to its bank clients, Tsai said.
Expecting to make a profit out of the deal, Tsai said the bank may curtain the deal's issuance duration from seven years to between two to three years.
Taishin plans to launch more deals in the second half of the year since its subsidiary companies own a total of NT$20 billion-worth of commercial buildings, according to the company's statement.
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