Stockland sells NZ retail assets for A$322 million

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 Limited for A$322 million ($280 million).

Stockland said selling the stake would allow it to focus on adding value to its Australian portfolio. ($1=A$1.15) (Reporting by Ben Wilson)