Stockland Sells Its Half Stake in 52 Martin Place

Nov. 4, 2011 - PRLog -- Stockland has sold its half stake in 52 Martin Place, Sydney to joint owner QIC Global Real Estate.The sale price reflects an underlying property value of $172.2 million (50% ownership interest), which is above the 30 June, 2011 book value of $167.7 million.

The landmark A grade office tower has 33 floors including the Channel 7 news studio and a retail arcade linked to the Martin Place railway station.

The property management of the building is outsourced. The property is a leasehold title, with 33 per cent of the area leased back to the NSW State Government until 2110.

The exchange and settlement of Stockland’s investment in the joint ownership trust were simultaneous.

CEO Commercial Property John Schroder said: “Given the high level of interest in quality assets such as this, the timing for the sale is right.

“This transaction is part of an ongoing asset sale program, the proceeds of which are being used to fund investment in the share buy-back currently underway as well as growth in our core businesses.”

For media enquiries contact

Sally-ann Parker
Senior Manager Communications
Stockland
T +61 (0)2 9035 2462
M +61 (0)402 167 401

Brett Zarb
Media Relations Manager
Stockland
T +61 (0)2 9035 2552
M +61 (0)417 256 563

For investor enquiries contact

Karyn Munsie
EGM – Corporate Affairs
Stockland
T +61 (0)2 9035 2180
M +61 (0)421 050 430

Alex Abell
Senior Manager Investor Relations
Stockland
T +61 (0)2 9035 2553
M +61 (0)466 775 112

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Stockland is Australia's largest diversified property group, actively managing a portfolio of assets including residential communities, retirement living, shopping centres, office and industrial assets.