STOCKLAND, the country’s second biggest real estate company, will create a new retirement division to focus on the fast growing sector.

Stockland will separate the retirement business from the residential division, which had been led for the past nine years by the outgoing head, Denis Hickey, the company said today.
The retirement and residential divisions were being split as a result of the departure of Mr Hickey, who is chief executive of the residential business till he leaves in early July.
“We are taking this opportunity to continue the reorganisation and simplification of our business by splitting Residential in two,” Stockland chief executive Matthew Quinn said.
“In particular, this will ensure a greater focus on the Retirement Living business which remains one of our key growth platforms.”