Two Lendlease retail property funds have sold Australian shopping centre assets in a A$430m deal.
The Australian Prime Property Fund Retail (APPF Retail) sold a 50% stake in Harbour Town to the listed retail mall owner, Vicinity Centres, for A$358m. Another Lendlease-managed fund, Sub Regional Retail Fund, sold Northgate Shopping Centre in Geraldton to Primewest, now controlled by Centuria, for A$71.2m.
Grant Kelley, CEO and managing director of Vicinity, said the acquisition reflected the group鈥檚 strategy to invest in premium retail assets 鈥渨here we can buy well and add value鈥�.
Vicinity said the acquisition would bolster its market share leadership in Australia鈥檚 growing outlet centre category.
The remaining 50% of Harbour Town continues to be owned by Lewis Land, a Queensland property business, which waived its pre-emptive right to the Lendlease stake.
Centuria plans to launch a single-asset, unlisted closed-end wholesale fund to hold Northgate shopping centre.
Scott Mosely, Lendlease managing director, investment management, said the sale of Harbour Town presented a 鈥渧ery good outcome for our investors鈥�.
鈥淚t is in line with the fund鈥檚 capital management strategy that includes providing liquidity to our investors who have sought it.鈥�
The A$4bn APPF Retail fund has also sold other assets in South Australia and Victoria, raising more than A$800m to meet redemption requests.
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