CapitaLand says it will not sell Australand following review

CapitaLand has completed the strategic review of its interest in its subsidiary Australand and concluded that Australand will continue as a key investment for the group.

During the review, Australand had received indicative proposals for the whole and parts of its business but none of them have been sufficiently compelling, CapLand said.

It noted that Australand will continue to provide the group with a stable stream of recurring income.

"It is well-positioned to benefit from its portfolio of quality commerical and industrial properties and is one of Australia's largest industrial development businesses," CapLand said in a statement on July 22.

"It is also well placed to benefit from the improving outlook for the residential sector in key Australian cities," it noted.