CDL surges on news of asset monetisation

Singapore

SHARES of City Developments (CDL) surged on Wednesday, a day after it announced a joint investment entity with Keppel Land's Alpha Investment Partners which will acquire three of CDL's office properties for S$1.1 billion.

The property and hotel conglo-merate's counter added 6 per cent or 44 cents to hit S$7.68, as brokerage houses published reports praising the move.

Brokers generally liked that CDL is continuing to monetise its non-core assets at market valuation, and making moves to strengthen i…