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.

The purchase will be funded through cash and debt facilities and Stockland expects it will be broadly earnings per share neutral.

The Australian reported Singapore's Capitaland sold its 39% stake in Australand in an $844m block trade by Citigroup.

Capitaland offloaded a 20% stake in Australand in November for around $426m at $3.685 a share.