Several parties seek Australand Property Group stake

Australand Property Group has advised shareholders that several parties had expressed an interest in acquiring all or a portion of the diversified trust.

Its statement to the stock exchanget said “several parties have expressed an interest in either the whole or parts of the Australand business."

CapitaLand’s new chief executive, Lim Miing Yan had previously said its Australian holding would be placed in a new business unit as part of a wider company restructure by the Singaporean real estate giant, CapitaLand, which controls 59% of Australand given the company seeks instead to focus on its China and Singapore businesses.

"Australand is making certain information available to selected parties in order to determine whether any such proposal can be developed.”

"As previously indicated, there is no guarantee that any proposal will be forthcoming.”