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Stockland (ASX:SGP) has bought a shopping centre in Queensland from Centro Australia Wholesale Fund and Leda Holdings.
The property developer says the purchase of the Centro Hervey Bay shopping centre includes 5.5 hectares of land with approvals to more than double the size of the centre.
The cost of the centre’s redevelopment is expected to reach between $100 to $130 million, and work is due to start within the next 12 to 18 months.
Stockland says the transaction meets is retail investment criteria to acquire and manage high-performing retail assets with development potential in large and growing population catchments.
The cost of the transaction has not been revealed.
In the six months to 31 December 2010 Stockland booked a net profit of $425 million.
News: Stockland buys QLD shopping centre
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| Open | High | Low | Value | Volume |
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