Stockland sells estate to Frasers in $200m deal


Frasers Property Australia is poised to buy Stockland’s The Grove Estate in Melbourne’s west for more than $200 million in one of the biggest residential land deals of the year.

The Singaporean developer is understood to be in exclusive due diligence to take control of the $700 million partially completed residential community in Tarneit with contracts expected to be exchanged before the Christmas break.

Stockland put The Grove Estate quietly up for sale in October as it looked to recycle capital to fund a $350 million buyback of its securities and reduce its gearing.

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