RESIDENTIAL PROPERTY
PROPERTY heavyweights Stockland and Lendlease have entered into a $1.3 billion deal that will see Stockland partner up with Thai investor Supalai Pcl and take control of...
Stockland and Supalai will pay an initial $1.063 billion for active communities, and up to $239 million for additional land parcels. Stockland will hold a 50.1% interest in...
The masterplanned communities are located in NSW, Queensland, Victoria and Western Australia. They comprise a total of 27,600 housing lots...
“The acquisition represents a step change in the reshaping of our portfolio, and accelerates the execution of our strategy by increasing our capital allocation towards residential...
“SRCP achieves immediate scale with this acquisition, and we are excited to further develop the partnership alongside Supalai.”...
The acquisition takes Stockland’s landbank to about 95,600 lots. The projects represent a potential increase in settlement volumes of about 2,500 lots per annum...
“This acquisition has been secured on attractive terms, with active projects that are well-positioned to ramp up development activity into a potential recovery in the residential cycle...
“The size and scale of the acquired projects also present potential development opportunities in adjacent uses, including land lease communities and community real estate...
Stockland has been making inroads into the land lease communities sector, including the $210 million acquisition of five projects in Queensland from...
Lendlease continues transformational period
For Lendlease the transaction is a key part of its reweighting of capital to investments, and reduces gearing and realises the value created in...
The transaction is expected to realise a circa 20% premium to book value pre-tax, and contribute $130 million to $160 million to FY24 core operating profit after tax...
Lendlease global CEO Tony Lombardo said, “The $1.3 billion sale of 12 master-planned communities provides Lendlease an opportunity to crystalise the value we have created in...
Lendlease shareholders slammed the company with a first strike and protest vote against the re-election of board members last month, after it posted a...
Lendlease’s market guidance for FY24 remains unchanged with group core operating ROE expected at the lower end of the 8% to 10% range. The group continues to forecast its...
Eastern seaboard weighting
Most of the portfolio changing hands is located in Queensland, which accounts for 16,620 lots out of the 27,600, including 10,400 at Yarrabilba. Kinma Valley, Shoreline and...
There are 5,910 lots in Victoria, across Atherstone, Aurora, Averley and Harpley, while there are 4,100 in NSW, at Calderwood Valley and Figtree Hill...
Making up the rest of the portfolio are Western Australia communities Alkimos Beach and Alkimos Vista, totalling 1,100 lots.