Stockland has just paid $59.25 million for a half share of the Sugarland shopping centre in the North Queensland town of Bundaberg.
The commercial retailer is growing out its portfolio with the off-market acquisition from AMP Capital.
The deal, which was settled on Friday, includes management leasing, development rights and an option to secure the other 50 per cent stake from AMP within the next two years at materially similar terms.
Stockland now holds almost 41 shopping centres in its Australian retail portfolio, with a strong skew towards east coast assets.
“This transaction fills a gap in our Queensland retail footprint. While investing in, and successfully redeveloping Stockland Hervey Bay, we learnt a lot about Bundaberg and identified it as a trade area where we want to be active,” Stockland commercial property CEO John Schroder said.
Stockland shares were trading down 0.51% to $3.92 a piece on the ASX a short time ago.
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