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City Developments Limited (CDL) recently announced the divestment of assets worth over $600 million in 2023 as part of its ongoing capital recycling efforts. This was slightly lower than the company’s initial target of $1 billion, which was set before the market conditions took a downturn and affected deal volumes in various markets and asset classes.
The completed divestments include the sale of Ransome’s Wharf site in London, the freehold 8-storey Cideco Industrial Complex in Singapore, as well as several strata units in Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.
One of the major divestments that is currently under contract and expected to be completed this quarter is the retail and office components of Hong Leong City Centre (HLCC), a mixed-use development in Suzhou.
According to group CEO Sherman Kwek, the asset divestments reflect CDL’s focus on accelerating its capital recycling efforts despite the challenging market conditions. He also mentioned that the company will continue to push forward with its divestment plans in order to optimize its capital management and align its portfolio with its strategic objectives to maximize shareholder value.
CDL shares closed at $5.05 on January 16, with a 0.2% dip for the day and a 20.97% drop in the past year. The company remains positive about its divestment plans and is committed to achieving its long-term goals.