Developer Stockland (ASX: SGP) has today made its first major announcement with new CEO Tarun Gupta at the helm, securing a deal to acquire Queensland-based Halcyon Group and its land lease communities for $620 million.
The agreement includes the purchase of 3,800 sites across 13 land lease communities, made up of six established land lease communities, four communities in development and three projects in planning.
The new acquisition will bring more than 2,500 new customers to Stockland's portfolio, in addition to a team of more than 100 people.
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