CapitaLand to exit Australand: report

Singapore’s CapitaLand is believed to be selling the rest of its stake in Australand Property Group through a block trade, according to The Australian Financial Review.

The newspaper believes the 39.1% stake will be flogged to institutions as early as this morning (Wednesday). Australand shares closed yesterday at $3.89, which would put the stake at $875 million. Citigroup is said to be handling the deal.

CapitaLand offloaded a 20 per cent stake in Australand in November for $430 million at $3.685 a share.