Listed diversified developer Stockland is selling a 50% stake in its A$800 million shopping center in Shellharbour City in New South Wales, Australia, The Australian reported.
Stockland Shellharbour, which has a gross lettable area of 81,897 square meters, provides 3,619 car parking spaces, a dining precinct and 2.8 hectares of additional land that can be used for future development, the March 7 report noted.
Since its acquisition of the retail center in 2013, Stockland has spent A$516.2 million for the refurbishment of the complex, according to the March 7 report. The complex is leased to long-term tenants including Myer, Kmart, Target, Coles and Woolworths, as well as to 16 mini-majors and approximately 220 specialty stores.
The ongoing stake sale comes after Stockland engaged with TH Real Estate and CPP Investment Board, in a bid to strike a potential partnership over the development.
Stockland tapped Macquarie Capital to assist with the marketing of the stake sale, The Australian added.
