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| Friday, 12 June 2020, 07:45 HKT/SGT | |
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Source: DL Holdings | |
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| Accelerating diversification in U.S. Real Estate |
HONG KONG, June 12, 2020 - (ACN Newswire) - On June 11th, 2020, DL Holdings (1709.HK) announced that it entered a non-legally binding MOU with Carmel Reserve LLC. According to MOU, DL Holdings Group Ltd. intends to subscribe shares of Carmel Reserve LLC. The consideration is expected to be $5 million US dollars, which shall be subject to further negotiation and the final valuation report of the target company. A preliminary post-money valuation shows Carmel Reserve LLC is worth $35 million.
Carmel Reserve LLC owns 891 acres of land in Carmel Valley which is located at San Francisco Bay Area in California, US. This project, ONE Carmel, planes to develop a premier community with 73 ultra-high-end residential lots. After acquiring securities business and establishing fund investment business, DL Holdings further added real estate development and global fund portfolios to expand its total asset and business lines.
U.S. real estate has always been an important part of global asset allocation, especially in San Francisco Bay Area and Silicon Valley. These places have been the favoured region in recent years. Due to the impact of the COVID-19, property prices in some areas have witnessed declines. However, both the volume and value of transactions of High-end houses and prime land lots have increased as more people chose to work from home. Particularly, in Bay Area and Silicon Valley, the new tech billionaires and wealthy families are actively purchasing land and even moving their corporate headquarters to more suitable areas for future working and living environment.
The core business of DL Holdings is the Multi-family office services for ultra-high-net-worth family clients and it has been in stable operation for nearly 10 years. The growing demand for real estate investments from Asian clients have prompted the firm to look around the World for high quality properties. This investment transaction will accelerate the expansion of DL Holdings, serve more family office clients, and contribute to the development and sales of the ONE Carmel project. DL Holdings is expected to benefit from the long-term asset appreciation and penetrate into a broader set of real estate investment opportunities globally. Headquartered in Hong Kong, DL Holdings has also established offices in San Francisco, Singapore, and Shanghai, to serve the global investment needs of family offices and family businesses.
For more details, please refer to WeChat official account: ONE Carmel.
Topic: Press release summary
Source: DL Holdings
Sectors: Real Estate & REIT
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From the Asia Corporate News Network
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