City Development Ltd (CDL) has sold its Ransome鈥檚 Wharf site in the UK for 拢69m (鈧�82m) as part of its divestment programme which yielded S$600m (鈧�426m) in 2024.
The Singapore-listed company said that it bought the two plots in Battersea for 拢58m in 2017 and had sold the site to two purchasers.
Sherman Kwek, CDL鈥檚 group chief executive officer said the asset divestments reflected the company鈥檚 focus on accelerating its capital recycling initiatives.
鈥淲hile market conditions have made divestments challenging, we are glad to have achieved good momentum, and we will continue to push forward with our divestment plans.
鈥淲e aim to optimise our capital management while holistically calibrating our portfolio to ensure alignment with our strategic objectives and to maximise shareholder value.鈥�
Among the assets disposed are the retail and office components of its mixed-use development, known as Hong Leong City Centre, in the Chinese city of Suzhou.
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