Stockland is in due diligence to buy Leighton’s property business, in a deal that could be finalised by Christmas.
The decision by the country’s largest residential developer to enter the data room follows market talk a few weeks ago that the sale of Leighton Properties was somewhat of a done deal with City Developments, the Singapore business headed by Grant Kelley, the former Asia-Pacific real estate head at private equity firm Apollo.
CDL has also been linked to the Leighton developer Devine.
According to sources, the price tag for Leighton Properties was set at $500 million, which has a $7bn development pipeline.
Bank of America Merrill Lynch is advising on the sales process.
This article first appeared in The Australian Business Review.
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Stockland could claim control of Leighton's property business before Christmas.
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