Property group Stockland is set to sell two more regional shopping centres for a discounted $113.1 million, as it continues to reshape its commercial portfolio.
Stockland managing director Mark Steinert said on Wednesday the sale of centres at Bathurst and Caloundra – at a 5.3 per cent discount to the combined book value – would take the total commercial property divestments over the past 15 months to $448 million.
Mr Steinert said the company’s ongoing strategy was to build its national workplace and logistics portfolio to greater than 25 per cent of its total assets, via a $600 million development pipeline.
‘These divestments will also contribute to our on market buy-back of up to $350 million of Stockland securities,’ he said.
The company said it is also on track to divest a further $290 million from the retail sector over the next two years.
Stockland’s 2017/18 revenue increased $30 million to $2.78 billion, but statutory profit decreased by 14.2 per cent to $1.02 billion, largely due to lower net fair value gains on investment properties, and lower finance income.
Stockland has recycled close to $1.3 billion of capital over the last five years.
Shares in the company were up 0.84 per cent to $3.59 at 1400 AEDT.