Stockland Renegotiates Land Purchase

Stockland announced today that it was renegotiating an existing arrangement to acquire land in Marsden Park, Sydney, NSW.

 

As previously reported in December 2017, Stockland entered into an agreement to acquire approximately 184 hectares of land for future residential development in Marsden Park, Sydney, for $398 million on deferred terms over five years.

 

The site is located on the northern side of Richmond Road within the North West Priority Growth Area.

 

The acquisition was conditional on land rezoning and additional terms.

 

As these conditions remain outstanding the parties have by mutual agreement ended Stockland’s obligations under the original agreement and Stockland has entered into a new, exclusive arrangement to negotiate terms in relation to the proposed acquisition.

 

Stockland have not confirmed whether the purchaser price is unchanged or what impacts the purchase will have on their forward earnings.