Blackstone and CIMB Bank invest in CDL’s Quayside Collection at Sentosa Cove (the W hotel, the Quayside Isle retail complex and the Residences at W Singapore).
The investment instrument adopted is Profit Participating Security (PPS) that ‘give investors a fixed payout based on 5% interest per annum for a period of five years, in addition to a participation in the cashflow over the period that they hold the PPS.’
Investments by various parties are:
* Astoria Holdings (wholly-owned subsidiary of CDL) - S$281m
* Blackstone’s Tactical Opportunities Fund - S$367m
* CIMB Bank - S$102m
And, DBS Bank and OCBC will provide S$750m in value of senior loan facilities.
The investment is valued at S$1.5b.
Reference : Channel NewsAsia. (16 Dec 2014). Blackstone, CIMB to invest in CDL’s Sentosa Cove properties.
#CDL #CIMB #Blackstone #Astoria Holdings #Quayside Collection at Sentosa Cove #W hotel #Quayside Isle #Residences at W Singapore