Melbourne’s Craigieburn Central Mall has been acquired by IP Generation for $300 million from Lendlease’s Australian Prime Property Fund (APPF) Retail.

Craigieburn Central is a sought-after asset that houses 157 specialty stores along with a range of major retailers and entertainment offers.

The Lendlease Group, which developed and opened the facility in 2013, held a 25 per cent interest in the centre while APPF Retail held a 75 per cent stake.

Simon Rooney, CBRE’s head of retail capital markets for Pacific, who negotiated the sale said the deal was a “highly competitive pricing outcome” for both APPF Retail and Lendlease.

“The retail sector is set to benefit from migration, resilient spending in the face of already high-interest rates and very low new supply in the market after a period of under-investment in the sector.”

The sale represents the largest retail transaction in Victoria since 2018 and nationally since December 2021.

• Further reading: Two more Lendlease malls sold in $242.5 million deal