Stamford Land

Stamford Land: announces plans to acquire 2 Australian properties at 2-24 Grove Street and 60-64 Constitution Road, Dulwich Hill, New South Wales, as part of its property devt business. When fully developed, the f/h 10k sm site is expected to yield over 250 apts, within one of Sydney Inner West’s suburban residential enclaves. A new light rail station (located immediately adjacent to the site) is now under construction and scheduled for completion by 2014. The site, which enjoys excellent transport amenities, is also close to both the Dulwich Hill and Summer Hill town centres. The acq is expected to be completed by Nov ’12. Stamford Land trades at 1.0x P/B, offers 7.0% trailing yield.