City Developments Completes $144 Million Divestment of US Residential Asset
MT Newswires
Nov 20
City Developments (SGX:C09) completed the divestment of a residential asset in the U.S. for $143.5 million, according to a Thursday filing with the Singapore Exchange.
The property, which has a net lettable area of 201,750 square feet, was sold to a U.S.-based institutional investor following the launch of the sale in May through an expression of interest.
Following the divestment, the company's global living sector portfolio comprises around 7,600 multifamily units and student accommodation beds worth about SG$3.7 billion.
Shares of the property developer were up nearly 1% in Thursday's late-morning trading.
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