CapitaLand sells remaining stake in Australand

CAPITALAND has sold its remaining 39.1 per cent stake in Australand Property Group, reaping it an expected net gain of about $35.7 million.

The Singapore-headquartered property group sold its remaining 226.2 million stapled securities through a secondary placement yesterday at an average price of A$3.75 each, 3.6 per cent below Australand's Tuesday closing price but 5.3 per cent above its last reported net tangible asset.

CapitaLand said it will receive about $970.1 million from the sale, which it will deploy towards its key markets of Singapore and China, and for general working purposes, including the repayment of debt.