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[HONG KONG] Singapore's second-largest property developer City Developments Ltd said on Tuesday it plans to raise about US$1.1 billion from a group of investors and banks including Blackstone Group LP to fund global expansion.
The company will raise S$750 million (US$572 million) from three investors including Blackstone and another S$750 million in loans from Singapore's top two lenders, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp.
City Developments plans to use the funds to "build and deploy capital for our global plans", Executive Chairman Kwek Leng Beng said in a securities filing, without elaborating.
The company will launch a so-called "profit participating security" giving the investors fixed returns of 5 per cent a year for five years plus rights to the cashflow of its Quayside Collection of properties in Singapore's Sentosa island.
Blackstone will invest S$367 million in the security, CIMB Bank S$102 million and City Developments' Astoria Holdings Ltd unit putting another S$281 million.