Stockland
(ASX:SGP) has sold a 50 per cent stake in Townsville ShoppingCentre to an AMP Capital managed Fund for $228.7 million.
Stockland will retain management, leasing and development control of the asset which houses the region’s only Myer department store as well as Big W, Woolworths and 180 speciality stores.
Stockland Managing Director and CEO Mark Steinart said, ‘AMP Capital is a secure, high quality capital partner and divestment of this 50 per cent stake in Stockland Townsville will enable us to recycle capital into accretive opportunities’.
Stockland reported a net profit of $527 million for the full year ended 30th June 2014.
