Stockland Group (ASX: SGP) have announced an update on the sale of The Grove Estate. Still in the due diligence stage, Frasers Property Australia is expected to purchase the 167- ha estate which has generated 1,300 lot sales since it was launched back in 2014.
With 107-ha left available for development, the estate offers the Singaporean developer access to an important location within the Melbourne market.
Stockland is expected to use the proceeds to help fund a $350M buyback scheme in order to reduce the amount of debt it holds.