CapitaLand starts placement to cut stake in Australand

SINGAPORE (Reuters) - Southeast Asia's largest property developer CapitaLand said on Wednesday it plans to sell about one-third of its stake in Australand Property Group, in a deal that could fetch around A$430 million (S$504.3 million).

Singapore's CapitaLand said Citigroup had underwritten the sale of 115.66 million Australand stapled securities through an overnight accelerated book-build process.

The stapled securities to be sold represent around 20 per cent of the Australian developer. After the sale, CapitaLand's stake will be around 39.1 per cent.

Australand stapled securities last traded at A$3.75 each.