City Developments Limited (CDL) divested assets worth over $600 million last year, as part of its capital recycling strategy. This total falls short of the company’s initial $1 billion target set in early 2024, due to a decline in market deals across various markets and asset classes.
Some of these completed divestments include the Ransome’s Wharf site in London, the Cideco Industrial Complex, and various strata units in Singapore. Additionally, the retail and office components of its mixed-use development, Hong Leong City Center (HLCC) in Suzhou, are currently under contract and expected to be completed this quarter.
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According to group CEO Sherman Kwek, these asset divestments reflect the company’s focus on accelerating its capital recycling efforts. Despite challenges in the current market conditions, CDL has achieved good momentum and will continue to push forward with its divestment plans.
“We aim to optimize our capital management while strategically aligning our portfolio to maximize shareholder value,” he adds.
CDL shares closed at $5.05 on Jan 16, down 0.2% for the day and down 20.97% in the past year. The company remains committed to its capital recycling strategy and plans to continue divesting assets in the future.
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