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City Developments Ltd (CDL) has completed the sale of its U.S. multifamily asset, 1250 Lakeside in Sunnyvale, for USD 143.5 million. The company confirmed the divestment earlier this week as part of its ongoing effort to manage its international portfolio more efficiently. The Sunnyvale property has been one of CDL's rental housing holdings in the U.S., a market where the group has selectively adjusted its exposure in recent years. The sale also reflects continued investor interest in residential assets across Silicon Valley, where rental demand has remained strong.
City Developments Ltd (CDL) has completed the divestment of its multifamily property, 1250 Lakeside in Sunnyvale, for USD 143.5 million. The company stated earlier this week that the sale is part of its broader strategy to review and streamline its overseas real estate exposure. The asset, located in an established residential area of Sunnyvale, has been one of CDL's rental housing investments within the U.S. market. Advertisement
The multifamily segment in Sunnyvale continues to see steady interest due to the area's concentration of technology employers and consistent housing demand. Properties such as 1250 Lakeside generally attract long-term investor attention, which has kept transaction activity active in the region. CDL's decision to divest aligns with its ongoing evaluation of capital allocation and asset performance across its portfolio.
Over the past few years, CDL has made selective adjustments in several international markets, including the U.S., where it has pursued a balanced approach between acquisitions and divestments. The completion of this transaction adds to its recent measures aimed at maintaining financial flexibility while supporting its long-term business priorities.
The company noted that the sale supports its focus on disciplined asset rotation and reinforces its intent to deploy capital into areas where it sees clearer value and future opportunities.
Source Reuters
5th Jun, 2025
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