27 May '16, 10am

CDL in potential PPS deal worth $350 million - PropertyGuru Singapore

View of the Cliveden at Grange condominium. (Photo: CDL) According to a report in The Business Times , property firm City Developments Limited (CDL) has appointed JLL to help search for potential investors for its third Profit Participation Securities (PPS) platform, which involves three residential projects in Singapore. A PPS platform is defined as a type of floating rate note which has its coupon linked to the profits of the issuer. Target investors in CDL’s PPS deal will likely include institutional and private equity investors, high net worth individuals and family offices, revealed a Credit Suisse report. The portfolio will comprise 48 residential units worth an estimated $350 million, which translates to around $2,300 psf, the report said. The units are understood to be mostly leased, and comprise 22 units at Cliveden at Grange, 14 units at One Shenton, and 12 units...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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