CDL to sell Osaka hotel to Blackstone-managed funds for $117m

City Developments Limited (CDL) is proposing to divest a hotel in Osaka, Japan, to real estate funds managed by Blackstone for 14 billion yen (S$117 million).

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On Nov 25, CDL said its wholly owned subsidiary M&C Sakura TMK has inked a purchase and sale agreement with the potential buyers to divest the hotel, Bespoke Hotel Osaka Shinsaibashi.

Set to be completed in December, the proposed divestment marks the group’s fourth major capital recycling transaction in 2025.

It follows CDL's sale of its stake in the South Beach development and of Piccadilly Galleria in Singapore, and the sale of its multifamily asset in Sunnyvale, California, and brings the group’s total contracted divestments in the year to date to more than $1.8 billion.