CDL looks to more fund management deals this year
Group's Q1 net profit up 2.8% at S$123m; revenue rises 11% to S$815m
Singapore
FOLLOWING the S$1.5 billion monetisation of the cash flow from its Quayside Collection assets on Sentosa Cove last December, City Developments Ltd (CDL) is "actively exploring the possibility" of one or more deals this year to further develop its unlisted funds management strategy. The deals, if any, will encompass existing CDL assets and be contingent on favourable conditions.
The property and hotels group said this in its first-quarter results statement. CDL posted a 2.8 per cent year-on-year increase in net earnings to S$123.03 million for the quarter ended March 31, 2015. The group set up a novel "profit participation securities" (PPS) structure to monetise the Quayside Collection assets comprising hotel, retail and residential assets - in partnership with Blackstone Tactical Opportunities Fund and CIMB.
