Stockland today announced a strategic capital partnership in its residential portfolio, with Terry Snow's Capital Property Group (CPG) investing a 50 per cent interest in Stockland’s largest masterplanned community, Aura on the Sunshine Coast.
Stockland did not reveal their book values for their residential estates, however sources suggest that the deal is between $150 million and $200 million, or at around 30 per cent premium to book value.
Aura is one of the largest master-planned communities in Australia, with an end value of $5 billion. So far about 1500 out of a planned 20,000 homes have been delivered in the estate since 2015.
The deal comes 6 months after Stockland announced the sale of The Grove master planned estate in Melbourne to Frasers Group for $202m and continues the re-balancing of the portfolio.
Stockland will continue to manage the development and ongoing delivery of the Aura community, including the delivery of infrastructure to continue to be rolled out under existing agreements with local and State Government. Stockland acquired the 3700-hectare Caloundra Downs site in 2004 as part of its $846 million aquisition of Foster's Lensworth Group.
CPG, is a privately owned business with over 40 years of experience in mixed use property development and management across multiple asset classes. CPG developed and owns Canberra Airport, and has a residential development in Canberra, Denman Prospect, as well as a mixed use project underway in Canberra’s CBD, Constitution Place.
Cushman & Wakefield and CBRE were advisers on the Aura deal.