Cbus Property has acquired a 50% stake in two major regional shopping centres in Queensland and Western Australia from the Lendlease-managed Australian Prime Property Fund (APPF) Retail for approximately A$1.3bn (€794.5m).
The property arm of Cbus Super will co-own Lakeside Joondalup in Perth alongside Vicinity Centres and Westfield Carindale in Brisbane with Scentre Group-backed Carindale Property Trust.
As part of the transaction, Lendlease will provide initial advisory support to Cbus Property under an investment management agreement.
Chris Kakoufas, Cbus Property’s CEO, said: “The acquisition of 50% interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property’s premium flagship retail portfolio.”
Cbus Property bought Macquarie Centre in Sydney and Pacific Fair on the Gold Coast for A$2.2bn in 2024.
“The acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance.”
Vanessa Orth, managing director, Lendlease Investment Management Australia, said: “We’re pleased to partner with Cbus Property on the transition of these two high-quality assets and look forward to continuing our relationship through our investment management role.
“This transaction represents a successful outcome for APPF Retail’s liquidity programme, achieving a positive result for investors and returning capital through a well-executed and timely process.”
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