Australian property firm Stockland will acquire 12 Masterplanned Communities from Lendlease (ASX:LLC) for approximately $1.06 billion.
The acquisition will be made through the establishment of the new Stockland Residential Communities Partnership, in which Stockland will have a 50.1% stake while Supalai Australia Holdings will hold the remaining 49.9%.
Settlement for the acquisition is expected to take place in three tranches.
The acquisition is expected to accelerate Stockland's strategic priorities by increasing its residential sector allocation and creating new enduring income streams.