** Shares of Stockland Corporation rise as much as 2.1% to A$5.4, set for their third straight session of gains - if trend holds

** Australia's competition regulator says it will not oppose SGP's proposed acquisition of 12 residential community projects from peer Lendlease Group for A$1.3 bln ($887.90 mln)

** The Australian Competition and Consumer Commission (ACCC) says SGP is required to divest its Forest Reach community project in New South Wales

** ACCC adds it is also satisfied that the proposed acquisition is unlikely to cause serious competition concerns in other areas

** SGP stock has risen 20.4% YTD

($1 = 1.4641 Australian dollars)

(Reporting by Ayushman Ojha in Bengaluru)

((Ayushman.ojha@thomsonreuters.com))