Stockland accepts Frasers' Australand offer
Stockland Group has accepted Frasers Centrepoint’s offer to acquire its 19.9% holding in Australand.
Stockland will sell its holding of 113 million Australand shares at $4.48 a security.
The property group will net more than $80 million from the transaction.
It comes eight days after Frasers secured its effective takeover of Australand with around a 56% acceptance when the initial deadline fell.
“We have been disciplined with our investment in Australand with a clear strategic intent and view of value, and are pleased to have achieved a significant profit,” Stockland chief executive Mark Steinert told the stock exchange today.
The group plans to reinvest back into medium density residential and mixed use projects, and to grow its string of logistics and business parks.
Mark Steinert recently announced the appointment of two new executives to its executive committee, with its Chief Investment Officer, and Group Counsel and Company Secretary, elevated to the executive team.
Darren Rehn has been appointed Group Executive and Chief Investment Officer with responsibility for capital transactions, capital partnering and business development activities.
Mr Rehn joined Stockland as Chief Investment Officer in October 2013.
Katherine Grace has been appointed Group Counsel and Company Secretary, coming with over 15 years’ experience including several years at Westfield Retail Trust.
Phillip Hepburn, who has served as Stockland Group Counsel and Company Secretary since 2001, will be leaving Stockland.
Stockland’s executive committee will now comprise Mr Steinert and the following executives:
Stephen Bull – Group Executive and CEO Retirement Living
Katherine Grace – Group Counsel and Company Secretary
Tiernan O’Rourke – Chief Financial Officer
Darren Rehn – Group Executive and Chief Investment Officer
Michael Rosmarin – Group Executive and Chief Operating Officer
John Schroder – Group Executive and CEO Commercial Property
Simon Shakesheff – Group Executive Strategy and Stakeholder Relations
Andrew Whitson – Group Executive and CEO Residential