Stockland and Thai-based Supalai development partnership approved to buy up 12 Lendlease housing estates [Video]

Lendlease’s Averley estate masterplan in Victoria is among those being sold.

A dozen Australian housing estates, covering thousands of homes, are poised to change hands in a $1bn takeover bid involving a Thai developer after a final government approval today.

Stockland have partnered with Bangkok-based Supalai to take control of twelve Lendlease estates across Victoria, NSW, WA and Queensland.

The about $1.06bn takeover bid by the Stockland Supalai Residential Communities Partnership has faced scrutiny from a range of government bodies, including the Foreign Investment Review Board, which today approved the deal to proceed.

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The FIRB approval follows the Australian Securities and Investment Corporation, giving the purchase the nod in September.

It was the final regulatory barrier to the purchase going through and the partnership, which has Stockland …