Frasers reached a deal earlier this month to buy Australand for $2.6 billion, following a bidding race with Stockland, the biggest shareholder of Australand with a 15.7 percent stake.
Stockland held a relevant interest in 113 million Australand securities which were acquired at an average price of $3.78 per security.
Related Article: Frasers Closes Australand Takeover
By accepting this offer Stockland will realise a capital profit of circa $80 million from its Australand investment.
“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. We will reinvest this profit prudently into our growth strategy," said Stockland Managing Director and CEO, Mark Steinert.
“In particular, we will accelerate our expansion into medium density residential and mixed use development, grow our Logistics and Business Parks capabilities, invest in community and our people and accelerate planned system and process enhancements.”
