CapitaLand sells Australand stake for $1b

SYDNEY - Singapore's CapitaLand Ltd said on Wednesday it has sold its remaining 39.1 per cent stake in Australia's Australand Property Group for around US$849 million (S$1 billion).

Australian property developer Stockland Corp said it bought a strategic 19.9 per cent stake in Australand at an average price of A$3.78 (S$4.36) per stapled security, a 3 per cent discount to Australand's closing price of A$3.89 price on Tuesday.

Last year CapitaLand cut its stake in Australand to 39.1 per cent from 59.1 per cent at a loss to pursue "new opportunities", despite an earlier strategic review that concluded Australand was a key investment.