Update Strategic asset sales

In line with its strategy of recycling capital, Stockland confirms it has entered agreements to divest a further two assets from its commercial property portfolio for an aggregate $193.35 million.

The assets include one retail town centre, Stockland Wallsend in Newcastle, which is unconditionally contracted for $81 million, and an office building at 77 Pacific Highway in North Sydney, which is unconditionally contracted at $112.35 million.

Mark Steinert, Managing Director and CEO of Stockland, said: “The divestment of these two assets aligns with our strategy to release capital for reinvestment, and takes the total value of our commercial property asset divestments to $306 million for the FY18 period to date.”