Stockland divests more non-core shopping centre assets
Property group Stockland has divested further non-core assets from its portfolio, unconditionally exchanging on two retail properties for a combined $143 million.
The Brisbane-based properties, Stockland Cleveland and the Toowong retail and commercial centre, were both sold to private investors and are expected to settle by 30 June 2019.
According to Stockland chief executive and managing director Mark Steinert, the firm has achieved 64 per cent of its target $400 million of divestments within nine months of its 24 month timeframe.
“These transactions take our total asset sales for the current financial year to $256.1 million,” Steinert said.
“The proceeds of the sales will strengthen our balance sheet, and will be reinvested into our workplace and logistics development pipeline [and] gives us the flexibility to invest in other opportunities with strong risk-adjusted returns.”
Steinhert has previously stated Stockland is focusing on delivering community-oriented, convenient and curated retail town centres, and will reposition these centres through a focus on customer experience and remixing retail offers toward categories with growth potential.
The group divested from $113.1 million worth of assets in November 2018, and expects an approximate $140 million of further divestments to come.
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