Stockland responds to media reports about sale of Melbourne residential project

Company News

by Anna Napoli

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.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.