CDI secures NZ$20M ANZ credit facility for property funding

What's the deal? CDIDealroom has a profile for this one. Try Dealroom → (NZX: CDI) said its wholly owned subsidiary, CDL Land New Zealand Limited, has entered into a new NZ$20 million flexible credit facility with ANZ Bank New Zealand LimitedDealroom has a profile for this one. Try Dealroom →. The facility funds CDI's property portfolio and runs for a 24-month term.

The details: The facility is secured over the group's Wiri properties and related rights, alongside the existing cross guarantee and indemnity between CDI and CDL.

What's the endgame? CDI is a nationwide land developer with more than 30 years' experience across residential, retail, and industrial projects in New Zealand. Chief executive officer Jason Adams said the facility supports the company's development programme.

“The facility gives CDI additional flexibility to manage the timing of property portfolio funding requirements while we continue our broader strategic programme,” Adams said.

The signal: The credit line points to a measured, capital-disciplined approach as CDI, majority owned by Millennium & Copthorne Hotels New Zealand LimitedDealroom has a profile for this one. Try Dealroom → (NZX: MCK), presses ahead with its development pipeline.

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