Stockland (ASX:SGP) has responded to media speculation over the sale of its Grove Property in Melbourne to Singaporean developer, Frasers.
Yesterday, the Financial Review reported that the Stockland had sold the property for more than $200 million.
However, in an announcement released to the ASX today, Stockland says that negotiations are ongoing and there is no certainty a transaction will complete.
Over the past fifteen months Stockland has divested $448 million worth of commercial properties, with a further $290 worth of sales expected to be achieved with the next one to two years.
Shares in Stockland (ASX:SGP) are trading 0.13 per cent higher to $3.73.