Singapore's City Developments to sell office complex stake for $646 million
City Developments
Ltd said on Wednesday that it will sell its entire 50.1% stake in one of its office complexes in the city-state to Malaysia's
IOI Properties
for S$834.2 million ($646.37 million).
The
South Beach complex
in a central business district in Singapore includes retail space, a 34-storey office tower, and a 45-storey building housing a JW Marriott Hotel.
Upon completion of the deal, expected by the third quarter of the year, IOI Properties will become the sole owner of the commercial components of the South Beach complex, City Developments said in a statement.
The deal valued the complex, in which City Developments and IOI have been joint venture partners since 2011, at S$2.75 billion.
"This transaction gives a strong boost to CDL's efforts to accelerate capital recycling so as to reduce gearing and redeploy capital," City Developments' CEO Sherman Kwek said.
City Developments, one of Singapore's largest property developers, was embroiled in a boardroom tussle earlier this year when its executive chairman, Kwek Leng Beng, accused his son, Sherman Kwek, the company's CEO, of plotting a boardroom coup.
However, in March, the company said the executive chairman dropped the lawsuit against his son while adding that both the father and son will remain in their roles.
Shares of City Developments rose around 1.6% in early trade before going on a halt. IOI shares were also halted for trade.
The shares are expected to resume trading soon.
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