City Developments (CDL)

[greengiraffe]

Leighton-CDL deal close

190 words
29 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.

Singapore's City Developments Limited is believed to be closing in on the acquisition of Leighton Properties' residential division, sources said.

The Australian Financial Review revealed in February that the Spanish company that controls Leighton had launched a fresh sales process for Leighton Properties through its adviser, Bank of America Merrill Lynch.

The decision followed the collapse of negotiations with Stockland and CDL late last year to buy the entire business.

However, it's understood CDL has been lured back into the auction and may be willing to pay about $400 million for the lucrative residential arm. A deal is expected to be wrapped up within four weeks.

Street Talk can also reveal that Leighton Properties will now hold off on the sale of the commercial projects - which Charter Hall Group has been eyeing - until the residential sale has been completed.

Leighton Properties' residential developments include Erko at Erskineville, with over 300 apartments, and AQUA, a 129-unit tower at Bondi Junction in Sydney.

The crown jewel, though, is a twin-tower project planned in St Leonards on Sydney's north shore.


Fairfax Media Management Pty Limited

Document AFNR000020150528eb5t00006

Gameover liao for CDL... all sorts of reasons but perhaps really don't need to buy something that doesn't fit to waste time...

CIMIC eyes full control of Devine

• THE AUSTRALIAN
  
• NOVEMBER 10, 2015 10:41AM
  

Greg Brown
[Image: greg_brown.png]
Property Reporter
Sydney

[b]Spanish-controlled CIMIC Group will pursue a full takeover of troubled listed housing developer Devine Group.[/b]
CIMIC, which already owns 50.63 per cent of Devine, has announced it intends to take control of the entire company.
It will offer 75c per share for Devine, a 24 per cent premium to its share price close last night, which was 61.2c.
The offer values the company at $119 million.
The move comes after Devine (DVN) warned in October that it would not meet its earnings guidance for 2015 and said earlier this month that its chief executive had resigned.
CIMIC (CIM), formerly Leighton Holdings and a major shareholder in Devine for more than eight years, said it had historically been supportive of the group’s management and board.
“However, the recent profit downgrade and rapid deterioration in Devine’s performance have caused the CIMIC board to conclude that decisive action must be taken to ensure that the value of Devine is protected for all shareholders,” the suitor said today.
Hochtief, the Spanish-controlled owners of CIMIC, last year attempted to sell Devine as part of an attempt to find efficiencies.
It then ditched a long-running sales process in May after failing to reach an agreement with any prospective buyer.
CIMIC came under fire from other investors in June when it was revealed that the majority shareholders rejected an all-cash offer of 90c a security from private equity firm Proprium Capital Partners.
That offer was a 15 per cent premium to its then share price of nearly 80c, although it was well down on its net tangible assets of $1.55 per security.
Disgruntled investors were critical of the sales process and Devine’s share price has continued to slide.
Its most recent profit downgrade was largely blamed on its constructions business, with its general manager Mike Tucker resigning at the time of the announcement. The company had previously forecast profits of $13m.

[greengiraffe]

http://www.zaobao.com.sg/realtime/singap...116-549533

Mr Kwek Leng Joo aged 61 passed away peacefully in his sleep. RIP Mr Kwek LJ.

[CityFarmer]

http://www.zaobao.com.sg/realtime/singap...116-549533

Mr Kwek Leng Joo aged 61 passed away peacefully in his sleep. RIP Mr Kwek LJ.

RIP, Mr. Kwek. At the age of 61, is still very young in Singapore. 

Your health is more important than your wealth. My wish of good health to all buddies here.

[pianist]

What the cause of his death? Not mentioned in the news. The kwek family recently hit the headlines in an unfortunate way. Rem just a while ago, they had a nephew crashed along ns highway?

[cfa]

Heart attack during his sleep as reported in the Chinese N/paper .

[ValueMushroom]

http://www.zaobao.com.sg/realtime/singap...116-549533

Mr Kwek Leng Joo aged 61 passed away peacefully in his sleep. RIP Mr Kwek LJ.

RIP, Mr. Kwek. At the age of 61, is still very young in Singapore. 

Your health is more important than your wealth. My wish of good health to all buddies here.

Yup fully agreed. Health is infact Wealth, and just like Time is Wealth too.

[Life is a game]

http://www.zaobao.com.sg/realtime/singap...116-549533

Mr Kwek Leng Joo aged 61 passed away peacefully in his sleep. RIP Mr Kwek LJ.

RIP, Mr. Kwek. At the age of 61, is still very young in Singapore. 

Your health is more important than your wealth. My wish of good health to all buddies here.

Yup fully agreed. Health is infact Wealth, and just like Time is Wealth too.

agreed. got money but no time or health to spend is pointless. but most importantly it is not how long we live but how meaningful we lead our lives. so I always belive in balancing. family, friends, love, exercise, eat healthy, tour around the world and keep working and learning new stuffs even at old age but choose something we have passion if possible.

Sent from my SM-N9005 using Tapatalk

[pianist]

The property curbs seem to indeed have an adverse impact on property players.

[snapsnap]

27 November, 2015 - Broker's Report : CDL kept at ‘outperform’ by Credit Suisse with $12 target price.
http://www.theedgemarkets.com/sg/article...rget-price

[cyclone]

Update the thread.

City Developments Limited (CDL) continues to have confidence in the long-term fundamentals of the UK economy

City Developments Limited (CDL) continues to have confidence in the long-term fundamentals of the UK economy and our strategy of targeting predominantly UK nationals for our residential developments.

Specifically, in the last two years, all of our acquisitions in the UK have been outside Central London and a majority of our UK development projects (i.e. Reading, Croydon, Teddington Studios and Stag Brewery land sites) cater to the local market there. This helps to insulate our projects from any potential impact of UK’s impending exit from the EU.
On a Group level, our exposure to the UK (as at 31 December 2015) is:
• Revenue exposure – 12%
• Asset exposure – 11%
• Debt exposure – 12%

Correspondingly, the Group’s exposure to the rest of Europe is not significant.

The Group manages its foreign exchange exposure by a policy of a matching receipts and payments, and asset purchases and borrowings in each individual country, so as to create a natural hedge.

<not vested>