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Lend Lease in centre sell-off

 

Stamp approvedLend Lease is tipped to collect more than $500 million when it brings to market an unlisted portfolio of shopping centres.

Lend Lease’s investment management business will commence the campaign in June, although agents are yet to be appointed.

These will include five sub-regional shopping centres: Settlement City in Port Macquarie, Menai Marketplace in Sydney, Armadale Shopping City inPerth, Northgate Shopping Centre in Geraldton, and Southlands Boulevarde in Perth.

The sale of the five shopping centres, which includes the management, could sell for a price in excess of $500 million, according to industry sources.

The retail property investment market has had a busy second quarter after a relatively quiet first three months of the year.

Last week, CFS Retail Property Trust increased its half stake in DFO South Wharf, Melbourne to 75 per cent for $87.6 million. The biggest retail deal of the year so far has been GPT Group’s acquisition of the Northland Shopping Centre for $496 million in March.

In another strong sign for the retail sector, shopping centre rents have also been stable for two consecutive quarters and Australian Bureau of Statistics data has recorded retail turnover growth this year.

 

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