Contracts were exchanged on 21 June 2011.

Three assets were involved, namely Stockland's 50 per cent interest in Bank West Tower, Perth, sold to Brookfield for $130m; and two residential estates, at Whiteman Edge and Vale, in Western Australia, which Stockland acquired for $271 million

Norton Rose partner Peter Trevaskis said of the deal: "The deal represents the largest residential estates transaction for Stockland since it acquired the Lensworth portfolio from Fosters several years ago."

The deal is considered by Stockland as key to the implementation of its 3-R strategy (Residential Estates; Retirement Living; Retail).