The Lendlease-managed Australian Prime Property Fund Retail (APPF Retail) has sold a Queensland shopping centre to Sentinel Property Group for about A$280m (€179m).
The 65,964sqm Caneland Central is dominant in the city of Mackay.
Anne MacSporran, fund manager of APPF Retail, said: “The centre has been a strong performer for APPF Retail due to its mix of retail, lifestyle and dining and its core position at the heart of Mackay’s local community.
“Despite recent market volatility, the outlook for Australian retail remains positive, with sales remaining robust post the pandemic.”
She said the fund was continuing to evolve in line with “changing” consumer demands and has been positioning its assets to offer more mixed-use opportunities to cater to future lifestyle, technology, and shopping needs.
APPF, one of Australia’s oldest wholesale funds, was set up in 1989 to own and operate regional centres around Australia. It has owned Caneland Central since 2001.
The divestment is in part to meet redemption requests.