Stockland has become the fourth major Australian player to enter the UK shopping centre market with the £215m purchase of Halladale. Founded in 1991 by David Lockhart, AIM-listed Halladale has approaching £1bn of property assets under management and development, with a substantial portfolio of shopping centres and retail parks.
Stockland has a broad mix of properties in its Australian portfolio, but shopping centres are the largest single element with 40 retail properties valued at over A$3bn.
Stockland managing director Matthew Quinn made it clear the purchase would be the springboard for further growth in the UK. "There is a gap in the UK market in the development of integrated mixed-use space and the Halladale platform gives us the opportunity to exploit this," he said. Quinn said Stockland's strategic goal was to acquire a strong UK operating business rather than just property assets.
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