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Wednesday, 20 November 2013

Singapore property developer CapitaLand is planning to sell one-third of its stake in Australand

SINGAPORE: Singapore property developer CapitaLand is planning to sell part of its stake in Australand.

This comes after the Singapore property firm said earlier this year it will be retaining its stake in the Australian residential and commercial property developer after a strategic review.
In a filing with the Singapore Exchange, CapitaLand said it is now proposing to sell 115.66 million of the approximate 342 million stapled securities it currently owns in Australand.
This works out to about one-third of CapitaLand's 59.1 per cent interest in Australand.
Australand develops and owns properties mostly located in Australia's largest cities -- Sydney, Melbourne and Brisbane.
According to media reports, the deal is said to be worth up to S$507.5 million (A$434 million), with the securities reportedly proposed to be sold between A$3.685 and A$3.75 each.
Allocation and pricing of the securities is expected to take place on November 21. 

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