Australand ups pressure with $65m land purchase
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Takeover target Australand Property Group has lifted pressure on its suitor Stockland after buying a massive land parcel in the Melbourne suburb of Burwood that can accommodate a $650 million mixed-use project.
Australand snapped up the former quarry from US group Reading International for $65 million, and is well placed to pursue plans for office towers, shopping centres and about 1000 homes.
The purchase helps Australand restock its apartment development pipeline and will raise the bar for any Stockland bid.
It comes just a week after Australand sealed a deal to buy a prime industrial development site in Sydney’s Horsley Park, which can accommodate a $135m development.
Australand is also rumoured to have drawn a capital partner to support the purchase a half-stake in Melbourne’s $400m Freshwater Place, which may trump a deal by GPT’s wholesale office fund to buy the stake.
Reading held the Burwood property at $52.1m and said the sale was the second major deal it had made in the last 12 months.
In October last year it sold a development property in the Melbourne suburb of Moonee Ponds for $23m.
The US group appointed Macquarie Capital to sell the land in 2010.