Transactions - OCTOBER 22, 2014

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Stockland sells stake in Australian shopping center, buys another

by Andrea Waitrovich

Stockland has sold a 50 percent stake in Stockland Townsville Shopping Center in Aitkenvale, Australia, to AMP Capital Shopping Center for A$228.7 million ($201.54 million).

Stockland completed the A$180 million ($158.62 million) redevelopment of Stockland Townsville in 2013. Major tenants include Myer department store, Big W and Woolworths. In addition, there are 180 specialty stores and a 750-seat casual dining terrace. The center comprises a gross leasable area of 631,637 square feet, and also comprises additional development land to the east of the existing center.

On the buying side, Stockland purchased a 50 percent interest in Sugarland Shoppingtown in Bundaberg, Australia, from an AMP Capital–managed fund for A$67.24 million ($59.25 million). The property is valued at A$116.71 million ($102.85 million).

The 243,190-square-foot Sugarland is anchored by Woolworths, Big W and JB HiFi, with four additional mini-majors and 64 specialty stores.

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