City Developments Limited (CDL) has announced that it divested assets worth more than $600 million last year as part of its capital recycling strategy. This amount fell short of its earlier target of $1 billion by early 2024 due to a decrease in the number of deals across various markets and asset classes.
The completed divestments include the Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, as well as several strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore.
CDL-Frasers Property-Sekisui House have also launched The Orie in Toa Payoh with prices starting at $1.28 million. The mixed-use development Hong Leong City Centre in Suzhou is under contract and is expected to be completed this quarter.
According to group CEO Sherman Kwek, these divestments reflect CDL’s focus on accelerating its capital recycling initiatives. Despite challenges in the market, the company has managed to achieve good momentum and will continue to push forward with its divestment plans.
Kwek adds that CDL aims to optimize its capital management and align its portfolio with its strategic objectives to maximize value for shareholders.
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CDL shares closed at $5.05 on January 16, down 0.2% for the day and 20.97% in the past one year.
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