STOCKLAND — Capital/Financing Update 2007

Apr 10, 2007

Level 16 157 Liverpool Street SYDNEY NSW 2000

www.stockland.com.au

ASX/Media Release 11 April 2007

Tel: 02 9321 1500 Fax: 02 9321 1599

STOCKLAND ACQUIRES RETAIL CENTRE ON SYDNEY'S NORTH SHORE

Stockland today announced it had acquired the retail component of Cammeray Square, a new mixed use development on Sydney's lower north shore for approximately $42 million.

Cammerav Square, which includes both a residential and retail component is being developed by Hamptons Development Group. It includes a total gross lettable area of approximately 5,000sqm across four levels of retail space and Stockland will acquire the retail and retail parking levels on completion of the development in August 2008.

The retail centre will be branded Stockland Cammeray and Stockland will undertake the leasing, tenancy design, marketing and delivery of the retail component.

Stockland Retail CEO John Schroder said "Cammeray Square provides a unique retail opportunity in a sought-after, high-traffic location in a strong demographic area. We have extensive experience bringing retail developments to life and look forward to creating a convenient high quality retail offering for the local community."

"The site is strategically located on the corner of Miller and Amherst Streets, Cammeray, This new precinct will add to the village-like streetscape that includes the popular Cammeray shopping strip," said Mr Schroder.

Mr Schroder said Stockland was focused on delivering high quality mixed use precincts as part of urban rejuvenation projects at sites across Australia.

"We are working on several urban rejuvenation sites across our portfolio which leverage our full suite of retail, residential and commercial development and management expertise including the $300 million Balgowlah retail, commercial and apartments project on the northern beaches and the $500 million redevelopment of the Tooronga Village site in Melbourne's prestigious inner east," said Mr Schroder.

Harris Farm and Universal Childcare have already committed to the development.

Stockland owns, manages and develops shopping centres throughout Australia and New Zealand. With 41 retail properties valued in excess of $3.8 billion, Stockland centres generate annual sales of $5 billion and 128 million shopper visits per year.

For media enquiries contact:	For investor enquiries contact:
Amy Menere	Joanne Trimboli
Media & Corporate Communication Manager	Investor Relations Manager
Stockland	Stockland
Ph: +61 2 9561 2664 / 0422 449 310	Ph: +61 2 9321 1507 / 0403 972 736

Stockland (ASX: SGP) is one of the largest and most diversified property groups in Australia with interests in retail. commercial, industrial and residential property investment and development and unlisted property funds. Stockland currently has total assets in Australia and New Zealand of over $10 billion, market capitalisation in excess of $11 billion, and reported an operating profit of $553.7 million for the year ended 30 June 2006. Additional information can be found on our website www.stockland.com.au