Frasers Property Australia sells Mulgrave business park

FRASERS Property Australia has agreed to sell Satellite Corporate Centre in Mulgrave to Stockland for A$87.6 million (S$90.7 million). The sale is expected to be completed by the end of April 2016.

The property has been owned and managed by Frasers Property since it was developed by the former Australand Property Group.

Rod Fehring, CEO of Frasers Property Australia, said: "The sale is part of our ongoing asset management and capital recycling programme. Our strategy is to more actively manage our investment property portfolio and redeploy capital to other opportunities at this point in the cycle."