Stockland's acquisition progress and ACCC clearance

Stockland (ASX:SGP) has received clearance from the Australian Competition and Consumer Commission (ACCC) for the proposed acquisition of 12 residential masterplanned communities from Lendlease Corporation. The ACCC has announced that it does not oppose this acquisition, indicating that it will not lessen competition in any relevant market. However, as part of the transaction approvals, Stockland has agreed to divest its 100% interest in the masterplanned residential community development at Forest Reach in the Illawarra region. The transaction is still subject to approvals from the Foreign Investment Review Board (FIRB) and relevant landowners. Stockland has stated that it will provide an update on its FY25 guidance once all approvals have been obtained.

Executive commentary on the acquisition and ACCC clearance

We are pleased to have received clearance from the ACCC for the proposed acquisition of 12 residential masterplanned communities from Lendlease Corporation. The ACCC's decision not to oppose the acquisition is a positive development, and we remain committed to ensuring that this transaction will not lessen competition in any relevant market. As part of the transaction approvals, we have entered into an enforceable undertaking with the ACCC to divest our interest in the masterplanned residential community development at Forest Reach in the Illawarra region. We are working towards obtaining the necessary approvals from the FIRB and relevant landowners. Once all approvals have been obtained, we will provide an update on our FY25 guidance.

Summary of Stockland's acquisition progress and outlook

Stockland (ASX:SGP) has received clearance from the ACCC for the proposed acquisition of 12 residential masterplanned communities from Lendlease Corporation. The ACCC's decision not to oppose the acquisition indicates that it will not lessen competition in any relevant market. However, as part of the transaction approvals, Stockland has agreed to divest its interest in the masterplanned residential community development at Forest Reach in the Illawarra region. The transaction is still subject to approvals from the FIRB and relevant landowners. Stockland has stated that it will provide an update on its FY25 guidance once all approvals have been obtained. This acquisition aligns with Stockland's commitment to creating connected communities and elevating the social value of its places. The company's outlook will depend on the successful completion of the transaction and its contribution to the economic prosperity of Australia and the wellbeing of its communities and the planet.