CDL's fund management platform targeting US$5b in assets by 2023

Singapore

THOUGH admittedly "late to the game", City Developments on Wednesday said it is planning to build its own fund management platform, with a target to manage US$5 billion in assets by 2023.

This is to tap into some US$5 trillion in private capital from institutional investors in the real estate industry. Management also signalled that it will be "very different" from what they have done with their three Profit Participation Securities (PPS) platforms - which are versatile instruments that can achieve multiple objectives including fund-raising and structuring transactions to provide an attractive risk-return profile that investors are willing to put capital to.