CapitaLand announced its intention to sell a portion of its 59% stake in Australand Property Group. The share sale is expected to raise as much as AUD433.7 million (USD408 million). This was according to a report published by Bloomberg today.

According to a stock exchange filing, Singapore-based CapitaLand would be selling 115.7 million of its shares in Australand. This is equivalent to 20% of Australand's outstanding securities. The Southeast Asian developer will offer its shares at AUD3.865 to AUD3.750 apiece. This was based on the transaction terms obtained by Bloomberg News.

In a phone interview, Maybank Kim Eng Holdings Ltd analyst Wilson Liew explained the reason for the sale. "(The sale was) in line with what CapitaLand said earlier about their non-core assets. If they get a good price, they would look to sell," Liew said. 

Australand shares went down 3.4% today before trading was stopped in Sydney. CapitaLand shares was at USD3.06 per share before the stake sale was announced, Bloomberg reported.