Tuesday, February 27, 2024

CDL acquires London marina – SuperyachtNews

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In a deal valued at £395m, Singapore-based City Developments Limited (CDL) purchases St Katharine Docks…

City Developments Limited (CDL), a Singapore-based real estate company controlled by billionaire Kwek Leng Beng acquires the St Katharine Docks marina, a 23-acre estate situated in the heart of the British capital, from US private equity firm Blackstone for £395m. St Katharine Docks, which opened its doors in 1828, has over 45,000 square meters of mixed-use space, including London’s largest marina, with berths for up to 185 yachts.

Blackstone had originally acquired St Katharine Docks as part of its £448m purchase of the Max Property Group in 2014. The firm attempted to sell the property for £435m in 2017, but a lack of demand caused it to be withdrawn from the market.

Mr Sherman Kwek, CDL Group Chief Executive Officer, said in a statement “The current uncertainty in the UK has provided us with strategic opportunities to acquire prime assets and expand our portfolio. This latest acquisition of the sizeable St Katharine Docks freehold estate, one of London’s trophy landmarks, increases CDL’s total commercial assets in the UK to around £1 billion and enhances our recurring income stream.”

“It complements our fund management strategy, providing us with the option to inject our UK assets into listed or unlisted platforms at an opportune time. In addition, there are ample asset management opportunities for us to demonstrate our ability to enhance value and improve operational efficiency.”

Since 2011, St Katharine Docks has undergone a £69.5m refurbishment, which included enhancements to the marina, buildings, and overall estate. In 2022, the marina received the 5 Gold Anchors Award for the second consecutive year. St Katherines Docks has been managed by Island Global Yachting (IGY) since February 2020. 

 

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CDL acquires London marina


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