CapitaLand to sell a third of Australand stake

PROPERTY developer CapitaLand has unveiled plans for a quick sale of about a third of its stake in Australian developer Australand Property Group that could fetch around A$434 million (S$507 million).

A secondary placement exercise of 115.66 million Australand stapled securities will be allocated and priced today.

The securities represent about 20 per cent of the total stapled securities issued by Australand. CapitaLand currently holds about 59.1 per cent, or 341.9 million stapled securities.