The Ghermezian family, owners of the West Edmonton Mall, are tapping the asset-backed securities market to raise $600 million in a transaction that converts much of the mall’s equity into cash, according to the online news service globeandmail.com. The mall’s owners are raising the funds through the issuance of mortgages secured by the mall’s assets, according to a 227-page prospectus filed by Column Canada Issuer Corp., an affiliate of Column Canada Financial Corp., which is a Toronto-based company engaged in promoting structured financings for the Credit Suisse Group of Switzerland.
January 29, 2007