SINGAPUR (dpa-AFX) - City Developments Ltd. (CDEVY, C09.SI), a global real estate company, Tuesday said it agreed to sell Bespoke Hotel Osaka Shinsaibashi in Japan for 14 billion yen or S$117 million to the Real Estate funds managed by Blackstone.
The sale is through its indirect unit M&C Sakura TMK.
The 256-room freehold lifestyle hotel is located in Osaka's Shinsaibashi commercial district.
Kwek Eik Sheng, CDL's Group COO, said, 'This well-timed divestment demonstrates CDL's ability to identify the right opportunities, taking advantage of Japan's strong hospitality demand, and executing well to drive and unlock value since acquiring the asset just over two years ago.'
CDL Ltd. had acquired the hotel for 8.5 billion yen or 33.2 million yen per key in August 2023, after Japan reopened its borders to visa-free international travel in October 2022.
The divestment is scheduled to be completed in December 2025.
The firm's divestment aligns with the group's capital recycling and portfolio optimization momentum, bringing total contracted divestments to over S$1.8 billion year-to-date, which includes the South Beach development and the 250-unit multifamily project in Sunnyvale, California, CDL said.
Daisuke Kitta, Blackstone's Head of Real Estate Japan, stated 'We are pleased to strengthen our footprint in Japan and add a prime asset to our real estate portfolio. This is an intersection of two of Blackstone's high conviction investment themes - the hospitality and leisure sector and Japan.'
On the Singapore Exchange, C09.SI's shares were trading at S$7.08.
In the OTC Exchange, CDEVY's shares closed on Monday trading at 0.74 percent or 0.04 cents higher at $5.46.
On the overnight trading, BX's shares are trading 0.28 percent or 0.40 cents lower at $141.02 on the New York Stock Exchange.
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