CDL weighs Singapore REIT IPO for UK assets

Singapore-listed City Developments has confirmed that it is exploring the creation of a new REIT to hold its UK commercial assets. If CDL proceeds with establishing the new REIT, it would be listed on the main board of the Singapore Exchange Securities Trading. Currently the firm lists two UK assets – Development House in Shoreditch, EC2, and Aldgate House, EC3 – on its website. It acquired the 28,266 sq ft Development House in 2016 for £37.4m, according to Radius Data Exchange, and 211,000 sq ft Aldgate House in 2018 for £183m. CDL said it was in preliminary discussions with banks and various parties and that it had not yet made any final decisions, including on what assets the REIT would hold, the size of any share offering to be made in respect of units in the REIT and the timeframe for any such offering. Image: David Mark/Pixabay To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette