Australian property group Stockland has agreed to sell two shopping centres in the Australian towns of Caloundra and Bathurst for a combined AU$113.1m (US$82.8m), as the firm divests retail assets to reshape its commercial portfolio.
Stockland Bathurst Shopping Centre (image: Stockland)
Stockland offloaded the Stockland Bathurst Shopping Centre and Stockland South retail centre in Caloundra at a 5.3% discount to the combined book value, according to a statement.
The 19,446 sq.m. Bathurst centre has department store chains Big W and Target as anchor tenants, while the Caloundra property is anchored by supermarket chain Woolworths.
“The divestments of Stockland Bathurst and Stockland South align with our strategy to release capital for reinvestment and reshape the Commercial Property portfolio,” said Stockland managing director and CEO Mark Steinert.
“This includes reweighting the national workplace and logistics portfolio to greater than 25 per cent of total assets primarily by progressing our $600m workplace and logistics development pipeline.”
The company has divested $448m of commercial real estate over the past 15 months and has plans to sell $290m of retail real estate during the next two years.
Stockland owns $18.2bn of real estate across the retail, workplace, logistics, residential and senior living sectors.