SINGAPORE (Dec 17): DBS Vickers Securities is positive over City Developments’ (CDL) profit participation securities (PPS), saying the new investment platform is “hitting the right notes”.

The PPS enables the group to tap third party capital to extract shareholder value on its balance sheet, while enabling it to recycle its capital to other investments, potentially to recently announced deals in the UK, the research house says.

The PPS also allows the group to better time its exit and potentially realise a fairer value for the portfolio post the current downturn in the office market.

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