City Developments Ltd. agreed to sell its majority stake in one of Singapore’s most iconic office complexes, as the developer seeks to reduce debt and regain investor confidence after a family feud.
CDL will sell its 50.1% stake in South Beach to minority owner IOI Properties Group Bhd, according to a filing to the Singapore exchange on Wednesday afternoon, confirming an earlier Bloomberg News report. Malaysian developer IOI will have full ownership following the deal, which values the complex at about S$2.75 billion ($2.1 billion).
The South Beach complex.
Photographer: Lauryn Ishak/Bloomberg
Shares of CDL closed 2.5% higher on Wednesday, while IOI Properties was ...
