Credit: Reuters/Rob Dawson
Men walk past a sign at a construction site just off on Singapore's main shopping boulevard Orchard Road November 17, 2009.
Australian property developer Stockland Corp (SGP.AX) said it bought a strategic 19.9 percent stake in Australand at an average price of A$3.78 per stapled security, a 3 percent discount to Australand's closing price of A$3.89 price on Tuesday.
Last year CapitaLand cut its stake in Australand to 39.1 percent from 59.1 percent at a loss to pursue 'new opportunities', despite an earlier strategic review that concluded Australand was a key investment.
Australand securities were placed on a trading halt on Wednesday.
($1 = 1.0950 Australian Dollars)
(Reporting by Byron Kaye and Lincoln Feast; Editing by Richard Pullin)
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