SINGAPORE (July 15): The managers of CDL Hospitality REIT and CDL Hospitality Business Trust says that the REIT’s trustee, DBS Trustee Limited, has completed its divestment to Gemini One Trust, Legend Quay Pte. Ltd. and Legend Commercial Trust for a total consideration of approximately $375.9 million. 

The divestment was first announced on Nov 21, 2019, which saw CDL, CDLHT, and CapitaLand leading a consortium to redevelop Liang Court site at Clarke Quay. 

The total cost of the divestment came up to some $5.5 million, which includes related costs in connection with the closure of the Novotel Singapore Clarke Quay, as well as the professional fees and other expenses in connection with the divestment.  

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