Australia's Stockland Corp gains; Morgan Stanley positive on divestment of NSW assets

Stockland

10/09/2024 03:44

** Shares of Australia's Stockland Corporation  SGP.AX  up
as much as 1% to A$5.250
    ** Shares on track to record its second straight session of
gains    
    ** Analysts at Morgan Stanley positive on SGP divesting its
assets in New South Wales (NSW)
    ** The diversified real estate co on Monday was offering to
divest its entire stake in a master-planned residential
community development at Forest Reach, Illawarra, NSW 
    ** Divestment to ease concerns on co's proposed acquisition
of Lendlease Group's  LLC.AX  Calderwood Valley project
    ** We think this potential outcome would be a positive,
given that LLC's Calderwood Valley is much larger - Morgan
Stanley
    ** Stock has risen 17.8% this year, as of 0214 GMT

    

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))