CDL Hospitality Sells and Buys in Portfolio Reshuffle

News about CDL Hospitality Trusts

CDL Hospitality Trusts is planning to reorganize its portfolio with a three pronged operation:

  • divestment of Novotel Singapore Clarke Quay, for the sale price of S$375.9 million
  • acquisition of the W Singapore - Sentosa Cove, for S$324 million
  • forward purchase of an upcoming hotel to be built within a redevelopment of the current Liang Court at Clark Quay, for the price of S$475 million

The first two operations will leave the REIT with a pro forma gearing level of 35.3%, allowing some headroom to finance the upcoming new hotel. An Extraordinary General Meeting will be convened to vote on the proposal.

CDL Hospitality Trusts
Price1.630 SGD
NAV1.461 SGD
Yield (4 quarters)5.53%
Gearing36.3%