STOCKLAND — Capital/Financing Update 2011

Apr 3, 2011

133 Castlereagh Street T 02 9035 2552 Sydney NSW 2000 F 02 8988 2552

www.stockland.com.au

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4 April 2011 ASX/Media Release

STOCKLAND ACQUIRES CENTRO SHOPPING CENTRE IN QUEENSLAND

Stockland has purchased the Centro Hervey Bay shopping centre in Queensland from the Centro Australia Wholesale Fund and Leda Holdings, which both owned equal shares in the asset.

The transaction, with an initial yield on the existing centre of 7.5 per cent, includes a 5.5 hectare land parcel surrounding the centre with existing development approval to more than double the size of the centre to over 35,000m[2] .

The 12 hectare site is located in the heart of the Hervey Bay township and currently includes a recently upgraded full-line Target, Super IGA and 40 specialty stores.

The approved redevelopment will see the centre become the leading sub-regional shopping centre in the fast-growing Fraser Coast region, including a new Kmart, Coles supermarket, food court and many more specialty shops and services.

Stockland expects to commence redevelopment of the centre within the next 12-18 months, with an estimated cost to complete in the range of $100 million to $130 million.

Stockland CEO Commercial Property, John Schroder, said: “This acquisition is in line with our 3-R growth strategy, which focuses on Residential Communities, Retirement Living and Retail development.

“The transaction meets our retail investment criteria to acquire and manage highperforming retail assets with development potential in large and growing population catchments.

“The site is a rare acquisition opportunity in a key growth area and provides additional development upside to our $2.4 billion national retail development pipeline. On completion, the redeveloped centre will be the largest shopping centre between Rockhampton and Maroochydore.

“The expanded centre will redefine shopping for the people of Hervey Bay with an improved food, grocery and fashion offering which will include the region’s first and only Kmart store and a new flagship Coles supermarket,” Mr Schroder said.

The centre currently services a large and growing population, with around 100,000 people in the trade area. According to Queensland Treasury[1] , the Fraser Coast is the third fastest growing region in Queensland, behind Ipswich and Moreton Bay, with the shopping centre’s primary trade area population growing by over 3 per cent compound per year.

1 Source: Office of Economic and Statistical Research Queensland Treasury, September 2010

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