Cdl Divests Assets Worth More 600 Million 2024
The property development company City Developments (CDL) announced that it has divested assets worth over $600 million last year as part of its capital recycling strategy. Although this figure fell short of the company’s $1 billion target initially set for early 2024, it reflects a steady progress towards their goal, despite a slowdown in deals across different markets and asset classes.
Some of the divestments that were completed include the Ransome’s Wharf site in London, a freehold 8-storey industrial building called Cideco Industrial Complex in Singapore, and various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza, also in Singapore.
CDL is also in the process of finalizing the divestment of the retail and office components of Hong Leong City Center (HLCC), a mixed-use development located in Suzhou. This deal is expected to be completed in the current quarter.
According to CDL’s group CEO Sherman Kwek, these divestments are a reflection of the company’s focus on accelerating its capital recycling efforts. Despite challenging market conditions, CDL has managed to achieve good momentum and will continue to push forward with its divestment plans. Kwek also emphasizes the company’s aim to optimize its capital management while strategically aligning its portfolio with its objectives to maximize shareholder value.
CDL’s shares closed at $5.05 on January 16, down 0.2% for the day and 20.97% in the past year. The company remains committed to its long-term strategic plans and is poised for future growth, continuously seeking opportunities for divestment and investment in various markets and asset classes.
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