Stockland buys $435.3m Australand stake

$435.3m purchase confirmed after reports CapitaLand was set to exit Australand.

Diversified property group Stockland has confirmed that it bought a $435.3 million strategic stake in Australand Property Group.

In a statement, Stockland said it purchased a 19.9% stake at an average price of $3.78 per share.

This includes a 15.7 per cent direct holding and 4.2 per cent indirect interest.

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