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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Shein steps up London IPO preparations amid US hurdles to listing, sources say
Apple scores win in labor case involving fired retail workers
US: Stocks closes up another weekly gain ahead of inflation data
Europe: Stocks close at record high on earnings, rate cut optimism
Oil falls on prospect of higher-for-longer US rates, stronger dollar
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions