Property developer Stockland (ASX:SGP) has secured a strategic stake in industrial property investor Australand Property Group (ASX:ALZ). Stockland now owns a 19.9 per cent interest in Australand’s shares on issue, having bought 115.2 million Australand shares at an average price of $3.78 each.
Stockland CEO Mark Steiner says Australand has a diverse and complementary portfolio of assets, including a quality industrial portfolio and medium density residential projects.
Mr Steiner believes the assets are well aligned with Stockland’s strategy and will enable the company to explore strategic opportunities with Australand over time.
Stockland reported a net profit of $298 million in the first half of the 2014 financial year.
