CDL in talks to acquire St Katharine Docks development in London

Raphael Lim

Published Mon, Jan 30, 2023 · 06:10 PM

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.