Stockland in $100 million shopping centre deal

Stockland in $100 million shopping centre deal Stockland has paid $100 million for three shopping centres, together with a parcel of land, from Allco Retail Centre Fund. The deal comprises two New South Wales shopping centres, at Wallsend in Newcastle and Engadine in Sydney’s south, and one in Lilydale, Victoria. Stockland Retail CEO John Schroder said the acquisition is a welcome addition to its existing retail portfolio, which currently has a book value approaching $4 billion. “The centres offer significant development and asset management upside and will strengthen our $1.5 billion retail development pipeline, allowing us to continue to leverage our development and construction capability to add value to these assets. “It also boosts our presence in the important metropolitan Melbourne market, and increases our cluster of retail properties in the greater Hunter trade area, which has significant growth potential,” Schroder said. Stockland owns, manages and develops shopping centres throughout Australia and New Zealand.