Indonesian real estate first

One of Indonesia's leading property companies signed an innovative commercial real estate mortgage deal on Friday, ushering in an era of near-securitization deals in Indonesia. The $26 million loan was arranged, structured and sold by Lehman Brothers for PT Jakarta Setiabudi Internasional (JSI), a property company with commercial, residential and hotel assets in Jakarta and Bali. It was founded by the Darmadi family and listed on the Jakarta Stock Exchange in January 1998.