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    C09   SG1R89002252

CITY DEVELOPMENTS LIMITED

(C09)
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Delayed Singapore Stock Exchange  -  05:04 2022-08-16 am EDT
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CDLHT: Announcement on the Press Release on Renewal of Lease in relation to Grand Millennium Auckland

07/01/2022 | 06:03am EDT

01/07/2022, 17:37

General Announcement::Announcement by CDL Hospitality Trusts

GENERAL ANNOUNCEMENT::ANNOUNCEMENT BY CDL HOSPITALITY TRUSTS

Issuer & Securities

Issuer/ Manager

CITY DEVELOPMENTS LIMITED

Securities

CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

01-Jul-2022 17:36:57

Status

New

Announcement Sub Title

Announcement by CDL Hospitality Trusts

Announcement Reference

SG220701OTHR8BEK

Submitted By (Co./ Ind. Name)

Enid Ling Peek Fong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

CDL Hospitality Trusts has on 1 July 2022, released an announcement relating to the Press Release on "Renewal of Lease in relation to Grand Millennium Auckland".

For details, please refer to the announcement released by CDL Hospitality Trusts on the SGX website, www.sgx.com

01/07/2022, 12:20

General Announcement::Press Release - Renewal of Lease In Relation to Grand Millennium Auckland

GENERAL ANNOUNCEMENT::PRESS RELEASE - RENEWAL OF LEASE IN RELATION TO GRAND MILLENNIUM AUCKLAND

Issuer & Securities

Issuer/ Manager

M&C REIT MANAGEMENT LIMITED

Securities

CDL HOSPITALITY TRUSTS - SG1T66931158 - J85

Stapled Security

Yes

Other Issuer(s) for Stapled Security

Name

DBS TRUSTEE LIMITED

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

01-Jul-2022 12:19:02

Status

New

Announcement Sub Title

Press Release - Renewal of Lease In Relation to Grand Millennium Auckland

Announcement Reference

SG220701OTHR6D0U

Submitted By (Co./ Ind. Name)

Soo Lai Sun

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

Please see the attached document.

Attachments

CDLHT_Press Release_Renewal_of_Lease_in_Relation_to_GMA.20220701.pdf

Total size =177K MB

FOR IMMEDIATE RELEASE

1 July 2022

RENEWAL OF LEASE IN RELATION TO GRAND MILLENNIUM AUCKLAND

Singapore, 1 July 2022 - CDL Hospitality Trusts ("CDLHT" or the "Group"), a stapled group comprising CDL Hospitality Real Estate Investment Trust ("H-REIT"), a real estate investment trust, and CDL Hospitality Business Trust ("HBT"), a business trust, is pleased to announce that CDLHT (BVI) One Ltd (the "Lessor"), a wholly-owned subsidiary of H-REIT, has renewed the deed of lease (the "Lease") in relation to the lease of Grand Millennium Auckland ("GMA") with Hospitality Services Limited (the "Lessee").

The Lessee is a wholly-owned subsidiary of Millennium & Copthorne Hotels New Zealand Limited ("MCK"). Listed on the NZX Main Board, MCK has been operating in New Zealand for over 28 years and has vast experience and brand recognition. MCK's significant network and its sales and marketing organisation in New Zealand had strongly benefited the trading performance of the hotel since operating under MCK.

The Lease commenced on 7 September 2016 with a three-year term and options to renew for two further three-year terms, subject to mutual agreement. The Lease was renewed for a second three-year term which commenced on 7 September 2019 on the same terms. With the current renewal, the third three-year term of the Lease will commence on 7 September 2022 on the same terms, save for the annual base rent reducing from NZ$6.0 million (excluding GST) to zero for the first two years of the term and NZ$2.0 million (excluding GST) for the third year. This adjustment of annual base rent reflects sentiments around the expected recovery trajectory following the COVID-19 pandemic. Essentially, the Lessor will continue to receive rent equivalent to the Net Operating Profit of the hotel, subject to the annual base rent floor of zero for the first two years and NZ$2.0 million (excluding GST) for the third year. The Net Operating Profit shall mean the Gross Operating Profit of the hotel less all property taxes, premium payable on the Lessor's insurances, and fees retained by the Lessee.

As the Lessee is a wholly-owned subsidiary of MCK, which in turn is a subsidiary of Millennium & Copthorne Hotels Limited (which is in turn a subsidiary of City Developments Limited), a controlling Stapled Securityholder of CDLHT, the Lease renewal therefore constitutes an Interested Person Transaction under Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST").

The value of the transaction, when aggregated with the value of all other interested person transactions entered into with the same interested person group in the same financial year, does not exceed 3% of CDLHT's latest audited net tangible assets.

- ENDS -

For media and investor queries, please contact:

Mandy Koo

Joey Ho

Head, Investments & Investor Relations

Assistant Manager, Investor Relations

Tel: +65 6664 8887

Tel: +65 6664 8890

Email: mandykoo@cdlht.com

Email: joeyho@cdlht.com

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-06 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

About CDL Hospitality Trusts

CDL Hospitality Trusts ("CDLHT") is one of Asia's leading hospitality trusts with assets under management of about S$3.0 billion as at 31 March 2022. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust ("H-REIT"), a real estate investment trust, and CDL Hospitality Business Trust ("HBT"), a business trust. CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July 2006. M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C Business Trust Management Limited is the trustee-manager of HBT.

CDLHT's principal investment strategy is to invest in a diversified portfolio of real estate which is or will be primarily used for hospitality, hospitality-related and other accommodation and/or lodging purposes globally. Currently, CDLHT's portfolio comprises 19 operational properties (total of 4,821 rooms and a retail mall) and one Build-to-Rent project in the pipeline with 352 apartment units. The properties under the portfolio include:

  1. six hotels in the gateway city of Singapore comprising Orchard Hotel, Grand Copthorne Waterfront Hotel, M Hotel, Copthorne King's Hotel, Studio M Hotel and W Singapore - Sentosa Cove (the "W Hotel" and collectively, the "Singapore Hotels") as well as a retail mall adjoining Orchard Hotel (Claymore Connect);
  2. two hotels in Perth, Australia comprising Mercure Perth and Ibis Perth (collectively, the "Perth Hotels");
  3. two hotels in Japan's gateway city of Tokyo comprising Hotel MyStays Asakusabashi and Hotel MyStays Kamata (collectively, the "Japan Hotels");
  4. one hotel in New Zealand's gateway city of Auckland, namely Grand Millennium Auckland (the "New Zealand Hotel");
  5. three hotels in the United Kingdom comprising Hilton Cambridge City Centre in Cambridge, The Lowry Hotel and Hotel Brooklyn in Manchester (collectively, the "UK Hotels") and one residential Build-to-Rent project in Manchester currently under development through a forward funding scheme (the "UK BTR");
  6. one hotel in Germany's gateway city of Munich, namely Pullman Hotel Munich (the "Germany Hotel");
  7. one hotel in the historic city centre of Florence, Italy, namely Hotel Cerretani Firenze - MGallery (the "Italy Hotel" or "Hotel Cerretani Firenze"); and
  8. two resorts in Maldives comprising Angsana Velavaru and Raffles Maldives Meradhoo (collectively, the "Maldives Resorts").

M&C REIT Management Limited and M&C Business Trust Management Limited

390 Havelock Road ● #02-06 King's Centre ● Singapore 169662 ● Tel (65) 6664 8888 ● www.cdlht.com

Registered Address: 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619 ● Company Registration No: 200607091Z

A member of Hong Leong Group (Singapore)

Disclaimer

CDL - City Developments Ltd. published this content on 01 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2022 10:02:09 UTC.


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Net income 2022 858 M 622 M 622 M
Net Debt 2022 7 638 M 5 538 M 5 538 M
P/E ratio 2022 10,7x
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