Property giant City Developments (CDL) has structured another investment deal to unlock about $1.1 billion from its real-estate assets here.
CDL will partner Alpha Investment Partners to set up a joint office investment platform, which will acquire three of its office buildings - one in the Central Business District, another near the CBD and the third, in Tampines.
Private equity firm Alpha will invest $200.2 million, while CDL will inject $133.3 million through its subsidiary, Bestro Holdings.
The remaining $750.1 million will come from borrowings from OCBC and DBS Bank.