CDL achieves over $600m from divestments in 2024

The divestments aim to enhance portfolio efficiency and returns.

City Developments Limited (CDL) reported total asset divestments exceeding $600m in 2024.

The divested assets include the Ransome’s Wharf in London, the Cideco Industrial Complex, strata units at Citilink Warehouse Complex, Cititech Industrial Building, Fortune Centre, and Sunshine Plaza in Singapore, and the Hong Leong City Center (HLCC) in China.

The divestments are part of CDL's capital recycling. The company has additional divestments in the pipeline to further enhance portfolio efficiency and returns.

“The asset divestments reflect our focus on accelerating our capital recycling initiatives. While market conditions have posed challenges, we are encouraged by the momentum achieved. Our aim is to optimize capital management while calibrating our portfolio to align with strategic objectives and maximize shareholder value,” Sherman Kwek, group CEO of CDL said.

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