The property was launched for sale in May via an expression of interest (EOI) marketed by Colliers USA that closed in July. The group entered into the transaction with the buyer in October. According to CDL, the EOI attracted “strong interest” from local property companies and REITs.
City Developments’ (CDL) wholly-owned subsidiary, Millennium & Copthorne Hotels, has completed the divestment of a multi-family residential asset in the US for US$143.5 million ($186.8 million) to a US-based institutional investor, according to a Nov 20 bourse filing.
The sale price for 1250 Lakeside Drive in Sunnyvale, California — part of the larger Silicon Valley area — is based on its net lettable area of 201,750 sq ft.
