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Stockland (ASX:SGP) is funding its share buy-back with the sale of its Melbourne office tower Riverside Plaza.
The tower has been sold to Dexus Wholesale Property Fund for $201.5 million.
Stockland bought the tower in 2000 and has refurbished 60 per cent of its floors over the past four years.
The property group says allowances for outstanding incentives totalling $7.9 million will be paid to Dexus and the net proceeds of $193.6 million represent a premium of $11.6 million or 6.4 per cent to the June 30 book value of $182 million.
Stockland (ASX:SGP) reported a full year net profit of $754.6 million this year.
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