Stockland updates on ACCC decision delay for communities acquisition

Stockland (ASX: SGP) has acknowledged the Australian Competition and Consumer Commission's (ACCC) announcement delaying its final decision on the proposed acquisition of 12 residential master-planned communities from Lendlease Corporation. To address the ACCC's concerns regarding competition, Stockland is negotiating to divest its 100% interest in the Forest Reach community development in the Illawarra region of NSW. The ACCC is expected to announce its final decision on 26 September 2024, although this timeline may change. The acquisition remains subject to the approval of the Foreign Investment Review Board (FIRB) and relevant landowners. Stockland will update its FY25 guidance once all necessary approvals are secured.

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