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CDL's office deal: What's next for the group and industry?

A look at the possibility of more profit participation securities deals.

CDL CHAIRMAN: In striking this deal, Kwek Leng Beng has not shied away from partnering a unit of a rival property group.
CDL CEO: Grant Kelley, who was formerly CEO of Colony Capital Asia, is an old hand at real estate private equity.

LAST week, City Developments Limited (CDL) rolled out its second "profit participation securities" (PPS) deal, this time to unlock about S$1.1 billion from three Singapore office assets.

The structure of the deal has allowed CDL to book a higher price than what it could have achieved from