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CDL to divest Millennium Hilton Seoul and adjoining land for $1.26 bil at 'significant premium to book value'

Felicia Tan
Felicia Tan12/13/2021 08:12 AM GMT+08  • 4 min read
CDL to divest Millennium Hilton Seoul and adjoining land for $1.26 bil at 'significant premium to book value'
The group is expected to recognise an estimated gain of $529.73 million.
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City Developments Limited (CDL) has divested Millennium Hilton Seoul, as well as the adjoining land plot in Korea, for a total sum of 1.1 trillion won ($1.26 billion).


See: CDL says it’s under 'no pressure' to divest assets after Millennium Hilton Seoul reported to sell for $1.19 bil

The sale and purchase agreement was signed by CDL’s indirect wholly-owned subsidiary, CDL Hotels (Korea) and YD427 PFV Co on Dec 10.

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