Stockland Corp. has completed the sale of its 50 percent stake in 52 Martin Place, a commercial building in Sydney. Australia’s largest diversified property group has sold the stake to co-owner of the building QIC Global.

The deal is part of Stockland’s ongoing asset sale program and the proceeds are being used to fund investment in the share buyback. The building, whose management is outsourced, is a leasehold title, with 33 percent of the area leased back to the NSW State Government until 2110.

Click here for the release from Stockland Corp.