Lendlease’s Australian Prime Property Fund Retail (APPF Retail) has agreed to sell its 50 per cent interests in Lakeside Joondalup and Westfield Carindale to Cbus Property for approximately $1.3 billion.
Located in Perth’s northern growth corridor, Lakeside Joondalup is one of WA’s leading regional shopping centres, offering a diverse retail, dining and lifestyle experience, supported by a high-quality tenant mix.
Westfield Carindale in Brisbane’s east is one of Queensland’s premier retail destinations, providing a mix of fashion, food, entertainment and essential services.
The deal will further strengthen Cbus Property’s growing retail portfolio spanning NSW, Queensland and WA. Lendlease continues as investment manager for the centres.
“This transaction represents a successful outcome for APPF Retail’s liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process,” said Vanessa Orth, MD of Lendlease Investment Management Australia.
Cbus Property’s CEO Chris Kakoufas added: “The acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance.
“Our ownership of some of Australia’s leading super regional retail destinations will provide resilient income and, in turn, long-term returns for Cbus Super members. We also see significant opportunities for long-term precinct evolution, underpinned by the centres’ important roles in their local communities.”
The transaction followed an exclusive process advised by JLL’s Luke Prokuda, Mike Pike, Sam Hatcher and Nick Willis.
According to JLL, the partnership marks a significant milestone for the Australian retail sector, reflecting its defensive income characteristics, exposure to high-growth metropolitan catchments, and renewed recognition as a core sector holding among global investors.
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