Stockland out of FKP

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As reported above, Stockland last night sold its remaining 11.6% stake in FKP for $107M, or $1.78 per security. Under its retired CEO David Pitman they built a 14.9% holding in FKP in 2008 with a first option to buy the Aveo village business if FKP needed to sell it. The new Stockland group CEO Mark Steinert announced several months ago they were no longer interested in acquiring Aveo and were cashing out. As late as yesterday he made a long term commitment to support Stockland’s own retirement village business. This will be even more appealing given the investor community evangelical conversion to retirement in the past month.