City Developments has announced that it has completed divesting assets worth over $600 million last year, and has more planned for the future. This however, fell short of the company’s initial target of $1 billion, due to a slowdown in the deals across most markets and asset classes.
Among the completed divestments were the Ransome’s Wharf site in London, the freehold 8-storey industrial building Cideco Industrial Complex in Singapore, as well as various strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre and Sunshine Plaza in Singapore.
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The company has also divested the retail and office components of Hong Leong City Center (HLCC), a mixed-use development in Suzhou, which is under contract and slated for completion this quarter.
According to group CEO Sherman Kwek, the divestments reflect the company’s focus on accelerating its capital recycling initiatives. However, he acknowledges that the current market conditions have made divestments challenging and have affected the company’s progress towards its target.
He adds that the company will continue to push forward with its divestment plans to optimize its capital management and align its portfolio with its strategic objectives, to maximize shareholder value.
On Jan 16, CDL shares closed at $5.05, down 0.2% for the day and down 20.97% for the past one year.