The dissident funds tried to oust Lendlease as manager of its $10bn Australian Prime Property Fund empire and replace it with rival Mirvac. The bid failed but investors indicated they wanted out of the vehicle, with Cbus initially proposing to recapitalise the fund.<\/p>\n
But in June rival property group GPT snapped up stakes in two other centres on the Sunshine Coast and in Sydney<\/a> that were part of the fund. GPT\u2019s retail fund acquired 50 per cent interests in Sunshine Plaza and Macarthur Square in a $1.2bn play.<\/p>\n This left the Lendlease fund with the stakes in Lakeside Joondalup in Perth and Westfield Carindale, which will now go to Cbus Property, although the listed company will stay as manager for about a year.<\/p>\n Lendlease\u2019s funds division faces more pressure ahead of the arrival of Nick O\u2019Neil as new chief executive next month as its flagship office fund \u2013 Australian Prime Property Fund Commercial \u2013 also faces heavy redemptions.<\/p>\n The strength of shopping centre deal-making reflects the rising confidence in fortress malls and the income that they are spinning off even in the face of rising interest rates and weaker consumer confidence, with key retailers warning that spending is coming off and some chains failing.<\/p>\n Countering these impacts is the shortage of new retail space as almost no large malls have opened or been fully redeveloped as building costs have jumped.<\/p>\n The direct property deal shows a capitalisation rate of about 5.5 per cent and came after a process advised by JLL\u2019s Luke Prokuda, Mike Pike, Sam Hatcher and Nick Willis. Colliers agent Lachlan Macgillivray advised Cbus Property.<\/p>\n While Cbus Property will acquire 50 per cent interests in Westfield Carindale and Lakeside Joondalup their respective co-owners, Scentre Group and Vicinity Centres will remain.<\/p>\n Both Lakeside Joondalup and Westfield Carindale are top super regional shopping centres and boost Cbus Property\u2019s growing retail portfolio to span NSW, Queensland and WA.<\/p>\n Sitting in Perth\u2019s northern suburbs, Lakeside Joondalup is one of WA\u2019s leading regional shopping centres, with a strong and growing catchment. The centre offers a diverse retail, dining and lifestyle experience, supported by a good tenant mix and train station.<\/p>\n Westfield Carindale in Brisbane\u2019s east is one of Queensland\u2019s premier retail destinations, with a mix of fashion, food, entertainment and essential services in an affluent customer catchment.<\/p>\n Cbus Property boss Chris Kakoufas said the acquisition of 50 per cent interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property\u2019s premium flagship retail portfolio, adding two high-quality assets in prime locations.<\/p>\n Mr Kakoufas said the purchase took the Cbus Property\u2019s retail portfolio into the Brisbane and Perth markets, \u201cwhere we have high conviction in the economic fundamentals underpinning retail performance\u201d. <\/p>\n He flagged the centres could be considered for mixed use precincts in future. \u201cWe also see significant opportunities for long-term precinct evolution, underpinned by the centres\u2019 important roles in their local communities,\u201d he said.<\/p>\n Lendlease Investment Management Australia managing director Vanessa Orth said the company would partner with Cbus Property on transiting the assets and would continue its relationship as investment management.<\/p>\n \u201cThis transaction represents a successful outcome for APPF Retail\u2019s liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process,\u201d she said.<\/p>\n Read related topics:Lendlease<\/a> Ben Wilmot has been The Australian’s commercial property editor since 2013. He was previously a property journalist with the Australian Financial Review.<\/p>\n","protected":false},"excerpt":{"rendered":"Big malls are back in favour despite fears that the housing crunch will eat into consumer spending 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<\/a>Ben Wilmot<\/a>Commercial Property Editor<\/p>\n