Singapore's CapitaLand sells Australand stake for $849 mln

SYDNEY, March 19 Tue Mar 18, 2014 7:17pm EDT

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SYDNEY, March 19 (Reuters) - Singapore's CapitaLand Ltd said on Wednesday it has sold its remaining 39.1 percent stake in Australia's Australand Property Group for around $849 million.

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

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

Australand securities were placed on a trading halt on Wednesday. ($1 = 1.0950 Australian Dollars) (Reporting by Byron Kaye and Lincoln Feast; Editing by Richard Pullin)