News: Stockland buys Bundaberg shopping centre

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Stockland Limited (ASX:SGP) is expanding its national retail portfolio through buying Sugarland Shoppingtown in Bundaberg on the Central Coast of Queensland. 

 

The property investor and developer will pay $59.25 million to AMP Capital managed fund for a 50 per cent interest in the asset. 

 

Stockland has also exchanged put and call contracts with a client of AMP Capital to buy its 50 per cent stake in the asset at a later date on similar terms. 

 

The binding put and call contracts may be exercised between 6 and 24 months after the initial acquisition of 50 per cent. 

 

Stockland advises the purchase includes management, leasing and development rights and settlement has already occurred. 

 

Stockland reported a net profit of $527 million in the 2014 financial year.