SYDNEY, March 19 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
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
($1 = 1.0950 Australian Dollars)
(Reporting by Byron Kaye and Lincoln Feast; Editing by Richard