CDL in talks to acquire St Katharine Docks development in London
CITY Developments Limited : C09 0%(CDL) said on Monday (Jan 30) that it is currently in discussions for the proposed acquisition of the St Katharine Docks (SKD) development in London, United Kingdom.
The company – which was responding to media reports on the deal – said in a bourse filing that acquisition is subject to satisfactory due diligence and negotiation on the terms. CDL added that it has “signed an exclusivity for due diligence together with a non-binding heads of terms”.
According to a media report by CoStar last week, asset manager Blackstone is in talks to sell St Katharine Docks marina to CDL for around £400 million (S$650.9 million).
CDL did not indicate the acquisition price in its bourse filing on Monday. It added that there is “currently no certainty” that the deal will materialise, and that it would provide further announcements if there are any material developments.
“As previously announced, the company is always examining opportunities to improve shareholder value; and the SKD acquisition is one such opportunity,” CDL said.
CDL shares rose 0.1 per cent on Monday to close at S$8.24, before the announcement.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meta is shuttering Workplace, its enterprise version of Facebook
Warner Bros Discovery boosts debt buyback to US$2.5 billion
First Resources posts 86.6% higher Q1 profit of US$36.1 million
TSMC says ASML’s most advanced chip machines are too expensive
Converse to cut jobs as part of Nike ’s cost-savings plan
McDonald’s sells US$1 billion of bonds as debt set to mature