Cedar Strategic to acquire 49% stake in Myanmar property for $35 mil

SINGAPORE (Oct 17): Cedar Strategic is acquiring a 49% effective stake in mixed use luxury development Golden City in Yangon for US$24.9 million ($34.6 million).

Cedar says the acquisition of the 335,284 sqm Golden City project is in line with its growth strategy of developing and investing in properties within emerging markets. The project is supported by a “stable political landscape” and could potentially generate “good development returns and yields”, says the group in its filing.

The group will acquire a 100% stake in DAS who owns a 70% stake in Uni Global Power which in turn owns a 70% stake in the developer of the project.

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