Stockland completes Bundaberg acquisition

Stockland completes Bundaberg acquisitionStockland has acquired the remaining per cent interest in the Sugarland Shoppingtown in Bundaberg, on Queensland’s central coast, for about $61.5 million.This deal gives Stockland 100 per cent ownership of the centre, which will be renamed Stockland Bundaberg. The vendor is a client of AMP Capital. Stockland acquired the initial per cent stake in the centre from an AMP Capital managed fund in October 2014 for $59.25 million.Stockland Bundaberg is a 22,795 sqm sub-regional shopping centre in the rapidly growing West Bundaberg retail precinct. It is anchored by Woolworths, Big W and JB Hi Fi and includes four additional mini-majors and 64 specialty stores.”Our latest acquisition is well aligned with our strategy and will achieve accretive earnings growth,” says John Schroder, group executive and CEO Commercial Property at Stockland. “We see great potential to consolidate our position in this trade area through the unique development opportunity that exists in this precinct.”