Property giant Stockland (ASX:SGP)
has announced two capital partnerships deals with Ivanhoé Cambridge and Mitsubishi Estate Asia (MEA).
Under its deal with MEA, Stockland will establish the Stockland Residential Rental Partnership (SRRP), a long-term partnership to develop and own land lease communities.
The initial portfolio of the SRRP will comprise six land lease communities currently in development, with four communities in Queensland acquired as part of the Halcyon acquisition and two existing Stockland communities in Queensland and Victoria.
In its deal with Ivanhoé Cambridge, Stockland will acquire a 49 per cent stake in the M_Park Trust (TMPT), to develop the life sciences and technology precinct in Macquarie Park, Sydney on a fund-through basis. This stage is currently under construction, with practical completion expected in FY24.
Shares in Stockland (ASX:SGP)
are trading 4.9 per cent higher at $4.22.