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STOCKLAND — Capital/Financing Update 2011
Nov 13, 2011
65781_rns_2011-11-13_5495cb63-1c98-402a-abfd-e0ca9f6a5ca2.pdf
Capital/Financing Update
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133 Castlereagh Street Sydney NSW 2000
T 02 9035 2552 F 02 8988 2552
www.stockland.com.au
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14 November 2011
ASX/Media Release
STOCKLAND SELLS RIVERSIDE PLAZA IN MELBOURNE
Stockland has sold its Melbourne office tower Riverside Plaza to Dexus Wholesale Property Fund for $201.5 million.
The sale of the building, located at 452 Flinders Street, is part of a program of strategic divestments to fund the share buy-back and maintain low levels of debt.
Allowances for outstanding incentives totalling $7.9 million will be paid to the purchaser and the net proceeds of $193.6 million represent a premium of $11.6 million or 6.4% to the 30 June 2011 book value of $182.0 million.
The building was acquired by Stockland in 2000 and in the last four years 60% of its floors have been refurbished. Upgrades to the main foyer, entrance and ground floor retail tenancies were completed this year. The major tenants in the building include Sinclair Knight Merz (SKM) and Primus Telecommunications.
CEO Commercial Property John Schroder said: “This is an outstanding result, which reflects the quality of this building and the hard work that has gone into increasing the value of the asset in recent years.
“The extensive refurbishment program, foyer upgrade and the securing of key tenant leases, such as SKM, made this a very attractive offering.
“This transaction is part of an ongoing asset sale program, the proceeds of which are being used to fund accretive investment in the share buy-back currently underway, as well as growth in our core businesses.”
For media enquiries contact For investor enquiries contact Brett Zarb Alex Abell Media Relations Manager Senior Manager Investor Relations Stockland Stockland T +61 (0)2 9035 2552 T +61 (0)2 9035 2553 M +61 (0)417 256 563 M +61 (0)466 775 112
Stockland Corporation Ltd ACN 000 181 733 Stockland Trust Management Ltd ACN 001 900 741 AFSL 241190 As Responsible Entity for Stockland Trust ARSN 092 897 348.