Stockland and Supalai Australia Holdings Pty Ltd. entered into an agreement to acquire 12 Masterplanned Communities from Lendlease Group for AUD 1.3 billion.

Stockland (ASX:SGP) and Supalai Australia Holdings Pty Ltd. entered into an agreement to acquire 12 Masterplanned Communities (MPC) from Lendlease Group (ASX:LLC) for AUD 1.3 billion on December 18, 2023. Stockland to hold a 50.1% interest and Supalai to hold a 49.9% interest within SRCP. Initial approvals and first financial settlement are expected to be received in third quarter of FY24.

The transaction is subject to conditions precedent including third-party consents, planning approvals, and Foreign Investment Review Board approval. The transaction is expected to be completed in the fourth quarter of 2024. Stockland?s share of interest in SRCP will be funded by existing debt capacity.