Singapore's CapitaLand sells Australand stake for $849 mln

SYDNEY, March 19 (Reuters) - Singapore's CapitaLand Ltd

CATL.SI said on Wednesday it has sold its remaining 39.1 percent stake in Australia's Australand Property Group ALZ.AX for around $849 million.

Australian property developer Stockland Corp SGP.AX said it bought a strategic 19.9 percent stake in Australand at an average price of A$3.78 per stapled security, a 3 percent discount to Australand's closing price of A$3.89 price on Tuesday.

Last year CapitaLand cut its stake in Australand to 39.1 percent from 59.1 percent at a loss to pursue "new opportunities", despite an earlier strategic review that concluded Australand was a key investment.

Australand securities were placed on a trading halt on Wednesday. ($1 = 1.0950 Australian Dollars)

(Reporting by Byron Kaye and Lincoln Feast; Editing by Richard Pullin)

((Lincoln.Feast@thomsonreuters.com)(+61 2 9373 1826)(Reuters Messaging: lincoln.feast.thomsonreuters.com@reuters.net))

Keywords: AUSTRALAND PROP CAPITALAND/SALE