• Most Popular
  • Most Shared

UPDATE 1-Stockland sells NZ retail assets for A$322 million

Sun Dec 23, 2007 5:47pm EST

Stocks

   

(Adds detail)

SYDNEY, Dec 24 (Reuters) - Australian property developer Stockland Group Ltd (SGP.AX) said on Monday it had sold its 50 percent stake in three New Zealand shopping centres to AMP New Zealand Property Retail Ltd for A$322 million ($280 million).

Stockland said selling its stake in the Auckland-based centres, which it jointly owned with AMP New Zealand Property Retail, came as it looked at opportunities in Australia and the UK.

Stockland Retail Chief Executive John Schroder said in a statement the sale was at a strong premium to book value.

Stockland, which owns more than A$10 billion of housing estates, shopping centres and office buildings, made its first acquisition outside Australia and New Zealand in February when it bought the Halladale Group, a UK property development and investment company, for 171 million pounds.

AMP Property Portfolio is a private investor in retail and office buildings, and is wholly owned by Australia's AMP Ltd (AMP.AX), New Zealand's largest fund manager.

Stephen Costley, General Manager of AMP Property Portfolio said in a separate statement the acquisition was part of a strategy to re-weight the portfolio following the takeover of Capital Properties New Zealand Limited in 2006. ($1=A$1.15) (Reporting by Ben Wilson)



More from Reuters

Joint Terminal Attack Controller SSgt Clinton J. Herbison, a U.S. Airman from the 817 Expeditionary Air Support Operations Squadron (EASOS) takes a break during a night mission near Honaker Miracle camp at the Pesh valley of Kunar Province August 12, 2009. Credit: REUTERS/Carlos Barria

Pictures of the Year

A look at the best photos of 2009.  Slideshow 

    PICTURES
    The Dalai Lama jokes with a nasal spray after being asked his opinion on the swine flu during a press conference after his first lecture in Lausanne, Switzerland, August 4, 2009. REUTERS/ Valentin Flauraud

    What a wacky year it's been...

    Um, what's up the Dalai Lama's nose? "Oddly Enough" editor Bob Basler rounds up the goofiest photos of the year.  Full Article 

    Oddly Enough
    A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
    Political Risk in 2010:

    Don't say we didn't warn you

    With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

    Global Markets