City Developments - Divesting Quayside Collection | I3investor

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City Developments - Divesting Quayside Collection

StockFanatic

Publish date: Wed, 17 Dec 2014, 10:01 AM

City Developments has announced the divestment of Quayside Collection to a newly created investment platform for S$1.5b. The group will recognize circa S$330m in divestment gains, which will increase FY13 pro-forma NTA by 4%. We expect CIT to redeploy the divestment proceeds into higher-yielding overseas geographies, including the UK, Japan and Australia. While we view the transaction positively, we maintain our Neutral rating on the stock, in view of limited share price upside to our price target of S$10.05.

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