Lendlease has sold a shopping centre in Australia to a private investor for A$88m (€53m).
Lendlease put the Darling Square shopping centre, located within a large rejuvenated mixed-use and residential complex in the southern end of Sydney CBD, on the market last October, reportedly with an asking price of around A$95m.
A Lendlease spokesperson told IPE Real Assets: “Darling Square’s retail amenity opened in 2019 and is a thriving, fully leased precinct in the heart of Darling Harbour. The divestment of this retail component is consistent with our strategy to recycle capital.”
The shopping centre sits underneath the Darling Square office building which Lendlease will retain. Lendlease continues as the property manager for the whole precinct.
Darling Square, which caters to locals and visitors, has chalked up a robust sales record, with a total moving annual turnover of A$64.7m and a 61.8% increase year-on-year, according to the selling agent Colliers’ manager director of retail capital markets Lachlan MacGilllivray.
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