As part of the ongoing reinvestment of its Commercial Property portfolio, Stockland has confirmed it has exchanged contracts to divest Stockland Bathurst Shopping Centre and Stockland South in Caloundra for combined proceeds of $113.1 million, reflecting a 5.3% discount to the combined book value.

Following the sale, Stockland remains the owner and operator of Stockland Caloundra Shopping Centre, located opposite Stockland South, which includes a Coles, Kmart and 50 specialty stores.

Stockland Managing Director and CEO, Mark Steinert, said the divestments align with the company’s strategy to release capital for reinvestment and reshape the Commercial Property portfolio, which includes reweighting the national workplace and logistics portfolio to greater than 25 per cent of total assets.

“These asset sales take the total value of our commercial property divestments to $448 million over the past fifteen months,” said Mr Steinert. “We are also on track to meet our current retail divestments targets, with a further $290 million expected to be achieved within the next 12-24 months.”

Mr Steinert said Stockland is focussed on delivering community orientated, convenient and curated retail town centres that will stand the test of time. “We continue to strategically reposition our centres, with a focus on customer experience and retail remixing towards growth categories, to ensure the resilience of our portfolio.

“This strategy is helping to drive centre performance with foot traffic up 2.5% to July and specialty sales up by 4.3 per cent to $9,313 per square metre to September on average across our portfolio.”

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