Stockland Retail CEO, John Schroder, said “The sale of Stockland Parabanks is part of our broader capital recycling strategy and will allow us to seek other value-adding opportunities in the market to deliver improved future returns.”
“The sale price is in line with current book value and represents an initial yield of 6.5 per cent.”
“We will continue to focus on using our retail management, leasing and development expertise to add value to our Australian portfolio, which currently has a book value of over $4 billion and a $2 billion development pipeline,” Mr Schroder said.
Stockland Parabanks is located in Salisbury, Adelaide and comprises over 23,800m2 of retail space, housing Woolworths, Big W, Harris Scarfe, Coles and 69 other specialty stores.
Stockland acquired the Parabanks shopping centre in 2003 for $57 million, as part of its acquisition of the AMP Diversified Property Trust.
Stockland is one of Australia’s largest retail property owners, managers and developers. Stockland’s national retail portfolio comprises 43 shopping centres
accommodating more than 3,300 tenants and generating in excess of $5 billion in retail sales annually.