Australia's Stockland rises on buying 12 communities project in $872 mln deal

Stockland

19/12/2023 02:11

** Shares of Australia's Stockland Corp  SGP.AX  rise as
much as 2.1% to A$4.44
    ** Property developer LendLease Group  LLC.AX  said on
Monday it will sell 12 master-planned Communities projects to
SGP and its capital partner Supalai Australia for A$1.3 bln 
($872.17 mln)
    ** Analysts at Jarden see deal having potential to create
significant earnings improvement for SGP
    ** SGP well positioned to benefit once rate cuts become more
likely and/or affordability becomes less of a concern for first
home buyers - Brokerage
    ** Jarden has "underweight" rating on SGP and PT of A$4.15
    ** LLC shares down 2% on Tuesday
    ** SGP up 19.8% this year, as of last close 
($1 = 1.4905 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))