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Stockland signs A$687M sale, purchase of Sydney property stakes

Stockland agreed to sell half stakes in two Sydney properties for A$340 million, and acquire a 50% stake it does not already own in a third property for A$347 million.

The diversified real estate investment trust signed a deal to sell its 50% stake in the 135 King St. office building and the Glasshouse Shopping Centre in Sydney. Stockland co-owns those properties with Investa Commercial Property Fund.

In addition, the company agreed to buy the remaining 50% stake it does not already own in the Piccadilly Centre in Sydney from Oxford Properties Group Inc.

Back in 2014, Stockland off-loaded that same half stake in the mixed-use property, located on a 4,800-square-meter block, said Louise Mason, CEO of commercial property at Stockland.