Property group Stockland has paid almost $60 million for a regional Queensland shopping centre.
Stockland has bought Sugarland Shoppingtown in Bundaberg for $59.25 million from fund manager AMP Capital.
The company said the move would expand its national retail portfolio.
“Stockland has a very strong presence in the most significant trade areas on the east coast,” John Schroder, Stockland’s head of commercial property, said.
“This transaction fills a gap in our Queensland retail footprint. While investing in, and successfully redeveloping, Stockland Hervey Bay, we learnt a lot about Bundaberg and identified it as a trade area where we want to be active.”