Stockland will offload a 50 per cent stake in its Townsville Shopping Centre to AMP Capital managed fund, AMPCSCF, as it further progresses its capital partnering program.
Stockland said the stake will be sold for $228.7 million, in line with book value.
Stockland managing director and chief executive Mark Steinert said the sale and the establishment of the subsequent joint-venture reflects the group's focus on creating effective capital partnerships.
"AMP Capital is a secure, high-quality capital partner and the divestment of this 50 per cent stake in Stockland Townsville will enable us to recycle capital into accretive opportunities," he said.
Stockland will retain management, leasing and development control of the centre, which has a capitalisation rate of 6.25 per cent.