Property investment company Stockland has sold off two Brisbane assets, a shopping mall and a retail and commercial centre, for a total $143 million.
Stockland said on Thursday it received a 2.9 per cent premium to combined book value for the Stockland Cleveland Shopping Centre and the retail and commercial centre in Toowong.
The properties were both sold to private investors.
It did not state a price but Stockland’s annual report valued Stockland Cleveland at $105 million.
The two separate malls, anchored by a Coles and a Woolworths, are located 25km southeast of the Brisbane CBD.
“These sales align with our strategy to divest non-core assets in a disciplined way,” Stockland chief executive Mark Steinert said.
Stockland said that with the sales it had sold $256.1 million in assets this financial year, representing 64 per cent of its $400 million target over two years.
The proceeds will strengthen the company’s balance sheet and be reinvested into Stockland’s workplace and logistics development pipeline and securities buyback, Mr Steinert said.
“It also gives us the flexibility to invest in other properties with strong risk-adjusted returns above our hurdle rates,” he said.
Stockland said it was in discussions with potential buyers for a number of its other retail assets.
As of December 31, Stockland owned 37 retail properties, five workplaces, 29 logistics properties, 59 residential communities and 65 retirement villages, according to its annual report.
Stockland shares were up 0.27 per cent to $3.71 at 1320 AEDT on Thursday