Stockland has announced a new capital partnership with Mitsubishi Estate Asia (MEA) to develop and own some Halcyon Communities.
Kingsley Andrew, said this announcement was made as part of Stockland’s half yearly results announced to the Australian Stock Exchange (ASX).
“MEA will have an ownership stake in communities currently under construction and some future communities and gives Stockland additional funding to deliver our award-winning communities nationally at an accelerated pace,” Mr Andrew said.
Mr Andrew said the partnership is not to be confused with another announcement made to the ASX which relates to the sale of Stockland’s Retirement Living portfolio to EQT Infrastructure (EQT).
“This is a completely separate business and does not include or relate to our Halcyon Communities business.”
Mr Andrew said plans to sell the Retirement Living business were announced seven years ago.
“Stockland has found the right custodian in EQT to take the retirement living business forward given their strong track record in healthcare, aged care and retirement living,” he said.
“Part of our reason for selling the Retirement Living villages was to free up capital for other projects, such as more Halcyon Communities across the country.”
