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 (鈧�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鈥檚 CEO, said: 鈥淭he acquisition of 50% interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property鈥檚 premium flagship retail portfolio.鈥�
Cbus Property bought Macquarie Centre in Sydney and Pacific Fair on the Gold Coast for A$2.2bn in 2024.
鈥淭he acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance.鈥�
Vanessa Orth, managing director, Lendlease Investment Management Australia, said: 鈥淲e鈥檙e 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.
鈥淭his transaction represents a successful outcome for APPF Retail鈥檚 liquidity programme, achieving a positive result for investors and returning capital through a well-executed and timely process.鈥�
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