Property development company Stockland (ASX:SGP) has exchanged contracts to divest Stockland Bathurst Shopping Centre and Stockland South in Caloundra for combined proceeds of $113.1 million, reflecting a 5.3 per cent discount to the combined book value.
MD and CEO Mark Steinert says the divestments will release capital to help reshape the Commercial Property portfolio. They want to reweigh the national workplace and logistics portfolio to greater than 25 per cent of total assets primarily by progressing their $600 million pipeline.
The divestments will also contribute to their on market buy-back of up to $350 million of Stockland securities.
Shares in Stockland (ASX:SGP) are trading 0.14 per cent lower to $3.56