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CapLand pares Australand stake for A$426m

It will record a S$127.5m loss due to foreign currency translation, rate hedging

PROPERTY giant CapitaLand yesterday raised A$426 million (S$485 million) by selling a third of its stake in Australian property developer Australand. With this sale, the company's stake in Australand will go from 59.1 per cent down to 39.1 per cent, though Australand remains its single largest