City Developments Limited (CDL)

REITs

IREIT Global secures five-year lease for 3,450 sqm of office space in Barcelona; one of the largest known rental transactions

SINGAPORE (June 18): The manager of IREIT Global announced on Thursday that it has secured a five-year lease for some 3,450 sqm of office space with AREAS, S.A.U.

Results

CDL suffers from lower hotel RevPAR but office portfolio remains 'resilient'

SINGAPORE (May 12): The prolonged Covid-19 pandemic has affected businesses and communities globally, according to property giant City Developments in its operational update released on T

City Dev to acquire 51.01% joint controlling interest in China’s Sincere Property Group for $0.88 bil

M&A

City Dev to acquire 51.01% joint controlling interest in China’s Sincere Property Group for $0.88 bil

SINGAPORE (Apr 15): City Developments (CDL) announced Wednesday it has just acquired 51.01% joint controlling interest in China’s Sincere Property Group for an initial investment of RMB 4.39 billio

Results

CDL posts 12.5% rise in 4Q earnings to $87.7 mil

SINGAPORE (Feb 26): City Developments Limited (CDL) this morning announced that its 4Q19 earnings have increased by 12.5% to $87.7 million from $77.9 million a year ago.

REITs

IREIT Global to acquire 4 office buildings in Spain in joint venture with Tikehau Capital

SINGAPORE (Dec 9): IREIT Global announced Dec 7 that it is acquiring a portfolio of four office properties in Spain for a total acquisition cost of €142.3 million ($213.9 million) in a 40:60 joint

Results

City Developments reports 34% decline in 3Q earnings to $115 mil on impairment losses, lower revenue

SINGAPORE (Nov 12): City Developments Limited (CDL) reported earnings of $115.0 million for 3Q19 ended September, some 33.7% lower than $173.3 million posted last year.

Results

CityDev's 1Q earnings more than double to $200 mil on higher margins & Manulife Centre divestment gain

SINGAPORE (May 15): City Developments (CDL) has announced earnings of $199.6 million for the 1Q ended March, rising 133.8% from restated 1Q18 earnings of $85.3 million on strong profit margins and

Broker's Calls

Property sector kept at 'overweight' by CGS-CIMB as URA unveils 2019 draft master plan

SINGAPORE (Mar 28): CGS-CIMB Securities is maintaining its “overweight” on property developers given higher possibility of unlocking value from older commercial assets.

Results

CityDev ends FY18 with record revenue despite 4Q decline; recommends special 6 cents dividend

SINGAPORE (Feb 21): City Developments recorded earnings of $77.9 million for 4Q18, down 54.7% from $171.9 million a year ago on lower revenue and higher expenses.

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