29 Jul '14, 1am

#Singapore firm “eyes Leighton property portfolio” in #Australia

#Singapore firm “eyes Leighton property portfolio” in #Australia

MELBOURNE (Reuters) - Singapore's City Developments and Australia's Stockland Group are considering bidding for Leighton Holdings' US$7 billion (S$8.7 billion) residential and commercial property portfolio, a leading Australian newspaper reported on Tuesday. Bids for the Leighton Properties business, which is expected to fetch up to A$500 million (S$584 million), are due on Thursday, the Australian Financial Review said, without citing any sources. The newspaper quoted Stockland Chief Executive Mark Steinert from a speech last week, where he said Stockland has A$3.3 billion invested in Queensland and it plans to invest at least another A$3 billion over the next five or six years. City Developments could not be contacted for comment, the newspaper said.

Full article: http://www.straitstimes.com/news/business/property/story/...

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