The divestment"represents a good result" as it strengthens CDLHT's balance sheet while selling an asset amid the current uncertain global tourism environment at a price that is at a slight premium to the independent valuation, he added.
With the essentially fixed rent structure of the property, CDLHT has achieved a recurring rental yield of at least 7.8 per cent per annum during its holding period. This was computed based on fixed rent of A$4.9 million per year and the original purchase price of the property. The property is operated under the Novotel brand and comprises 296 guest rooms and suites with a gross floor area of 28,049 square metres across 15 levels, situated on a strata volumetric freehold title.
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Source: BusinessTimes - 🏆 15. / 51 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »