Sugarland to become Stockland Bundaberg after buyout
SUGARLAND Shoppingtown is set to be renamed Stockland Bundaberg after property giant Stockland bought out the remaining 50% of the centre for $61.5 million.
The centre is now fully owned by Stockland, Australia's largest retail property group, after the giant acquired half of Sugarland in 2014 for $59.25 million.
The purchase completes the acquisition from a client of AMP Capital.
Stockland group executive and CEO Commercial Property John Schroder said the centre was one of the group's most productive assets in its national Retail portfolio.
"Our latest acquisition is well aligned with our strategy and will achieve accretive earnings growth," he said.
"We see great potential to consolidate our position in this trade area through the unique development opportunity that exists in this precinct."
Woolworths, Big W and JB Hi Fi are all key anchors of the centre, which covers 22,795sqm. It also includes four additional mini-majors and 64 specialty stores.
Stockland describes it as "the anchor mall at the centre of the rapidly growing West Bundaberg retail precinct."
Stockland expressed plans to eventually own the centre in its entirety in 2014 when it purchased the first half, and had already exchanged put and call contracts with the AMP Capital managed fund to buys its 50% stake under similar terms.
The name change has been on the cards for some time with the Stockland logo appearing alongside the Sugarland name in advertising and on social media.