Australia's Stockland Corp hits more than four-year high on divestment proposal

Stockland

09/09/2024 02:39

** Shares of Stockland Corp  SGP.AX  rise as much as 2% to
A$5.19, hitting their highest since late February 2020; stock up
1.6% as of 0120 GMT 
    ** The diversified real estate co says it is offering to
divest its entire stake in a master planned residential
community development at Forest Reach, Illawara, New South Wales
    ** Adds that its offer is to ease concerns regarding its
proposed acquisition of residential communities by the Stockland
Supalai Residential Communities Partnership 
    ** Australia's competition regulator had earlier flagged
preliminary concerns regarding the sale of community projects by
real estate developer Lendlease  LLC.AX  to SGP 
    ** Including day's moves, stock has risen ~16.2% this year
as of 0120 GMT

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))