CapitaLand

CapitaLand: is selling a portion of its stake in Australand Property Group (ALZ.AU), a residential and commercial real estate developer in Australia. CapitaLand has entered into a placement agreement with Citi Australia. as the bookrunner and underwriter for the sale of 115.66m securities or ~20% of Australand. CapitaLand, through its units Austvale and Ausprop , owns a 59.1% stake in Australand. Allocation and pricing of the securities are expected to take place Thursday. Australand shares are reportedly being offered at between A$3.685 and A$3.75 per security, valuing CapitaLand's 20% stake at between A$426.2m and A$433.7m. The top end of the range represents a 0% discount to the stock's last traded place, while the bottom of the range represents a 1.7% discount. Australand shares have rallied 10.3% ytd. Australand said Tuesday that it expects to deliver an operating profit after tax of A$148m for FY13, hitting the upper end of previous guidance of EPS, growth of between 3% and 4%.