CDL to Sell $2.1 Billion Singapore Office Site to Cut Debt

City Developments Ltd. agreed to sell its majority stake in one of Singapore’s most iconic office complexes, as the developer seeks to reduce debt and regain investor confidence after a family feud.

CDL will sell its 50.1% stake in South Beach to minority owner IOI Properties Group Bhd, according to a filing to the Singapore exchange on Wednesday afternoon, confirming an earlier Bloomberg News report. Malaysian developer IOI will have full ownership following the deal, which values the complex at about S$2.75 billion ($2.1 billion).