Stocklands, with the help of new CEO Tarun Gupta, purchased Queensland’s Halycon group. The purchase comes with a deal of $620 million, increasing the Group by 5.4%. Nine properties are included in the purchase, all of which involve water management and production. This follows Stockland’s continued growth into the land lease business that has proven profitable in recent years.

This purchase comes amid a “record-breaking” year for Stocklands, with dividends more than doubling from the previous year to $29 million. The company is expected to announce its full-year results later this month at their annual general meeting.

Stocklands has been making waves ever since Gupta took over as CEO at the beginning of last year, becoming Australia’s largest listed property manager with a market capitalisation of $5 billion. the size of Stocklands portfolio to 7,800 sites.

Tarek Mehanna, president, and CEO of Halycon said he believes Stocklands has done its research for that cost and they are not trying to lowball the price. Mr. Mehanna is looking forward to the future. Stocklands will help Halycon grow into a state-of-the-art fresh food producer that can transform fresh produce from around the globe in Australia’s most efficient way for consumers.

The deal is also expected to create significant synergies for both companies. The news has been well received by analysts. The company is looking to use the funds raised in this deal to further invest in their retail stores and capital expenditure.

“We’re up there with some of the biggest supermarket groups and I don’t think we could be better placed,” Mr. Mehanna said. “Stocklands is a very good fit with Halycon. I also believe that it will be seen as a value add to the company’s portfolio.”

You can find out more information about Stockland’s at investor relations. Stocklands

Investor Relations
Stocklands
https://www.stockland.com.au/
InvestorRelations@stockland.com.au
+61290352000