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Stockland's strategy to divest $400 million of assets in 24 months has hit another milestone today with the announcement that the property manager has sold another $143 million in retail assets.
The company has sold its interest in the Stockland Cleaveland shopping centre in Brisbane and the Toowong retail and commercial centre in Brisbane's southern suburbs to private investors.
Combined the two transactions total $143 million taking the total asset sales for the current financial year to $256.1 million, representing 64 per cent of Stockland's target of $400 million in divestments.
"These sales align with our strategy to divest non-core assets in a disciplined way, as we focus on recycling capital where expected internal rates of return for divested assets are below our investment hurdle rates," says managing director and CEO Mark Steinert.
"The proceeds of the sales will strengthen our balance sheet, and will be reinvested into our workplace and logistics development pipeline and our securities buyback."
Steinert says the company is in discussions to divest more of the group's portfolio to potential buyers currently.
Shares in Stockland are unchanged at $3.70 per share at 11.17am AEDT.
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Business News Australia
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