News: Stockland inks aged care strategic partnership

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Stockland Limited (ASX:SGP) has inked a strategic partnership involving a number of its retirement villages.  

Under the deal the property developer will sell four ages care facilities to Opal Aged Care for $25.6 million. 

Stockland also plans to work with Opal to pursue specialised aged care services at other sites within its retirement living portfolio. 

CEO Mark Steinert says the partnership complements the engaging and independent living environments Stockland aims to create. 

The company’s aged care portfolio spans across four properties in New South Wales and Victoria and includes 366 beds. 

Stockland also this week boosted its residential portfolio in Western Australia for $58.1 million and bought an industrial property in Sydney’s south-west for $72.5 million.

Stockland reported a net profit of $298 million in the first half of the 2014 financial year.