DL Holdings increases stake in US luxury residential project

DL Holdings Group Limited announced a connected transaction on September 16, 2025, to further subscribe for a 15.10% Class B Membership Interest in Carmel Reserve LLC. The subscription is valued at approximately $10.32 million. This will increase DL Holdings' direct and indirect interest in the company's Class B Membership Interest from 22.85% to 32.97% upon completion.

The consideration represents a pre-money equity valuation of the target company of approximately $68.36 million, a 4.50% discount to its adjusted net asset value of $71.58 million as of March 31, 2025. The payment comprises the capitalization of an existing Shareholder's Loan of $2.32 million and a new cash injection of $8.0 million, funded by net proceeds from a recent placing.

The "ONE Carmel" project, located in Carmel Valley, California, is an 891-acre ultra-luxury residential community featuring 73 lots. DL Holdings views this investment as a strategic opportunity to deepen its involvement in the project and expand its footprint in the US real estate market. The first phase of the project is expected to be completed in 2026.