Its major tenants book close to $200 million in annual sales each year and have more than six years left, on average, on their leases. Retailers include City Beach, Daiso, iPlay Australia, Rebel, Best & Less, Terry White Chemmart and JB Hi-Fi. The mall has been brokered by Colliers’ Lachlan MacGillivray and McVay Real Estate’s Sam McVay.
The transaction, if finalised, would join a run of divestments from the Leadlease-managed Australian Prime Property Fund Retail that have helped release capital to meet redemption requests. The redemption tally was initially around $2 billion but has since been whittled back.
Lendlease had earlier planned to meet a large chunk of that tally through the proposed sale of its half-stake in Brisbane’s Westfield Carindale, an investment worth around $850 million when it was put on the market in early 2020.
But that plan was put on ice as COVID-19 disrupted the commercial real estate market. Lendlease resumed the divestment program in recent months. In April, it sold a shopping mall in Melbourne’s north for $300 million, completing a divestment three years later than originally planned.
Late last year, Warren Ebert’s busy syndication platform, Sentinel, settled its $280 million acquisition of Caneland Central Shopping Centre at Mackay in Queensland, acquiring from the same APPF Retail fund.