Lendlease's APPF Retail Sells A$1.3 Billion Stake in Lakeside Joondalup and Westfield Carindale to Cbus Property

Lendlease's Australian Prime Property Fund Retail (APPF Retail) has exchanged contracts for the sale of its 50% interests in Lakeside Joondalup in Perth and Westfield Carindale in Brisbane to Cbus Property for approximately A$1.3 billion, the companies announced Aug. 10, 2026.

The portfolio transaction gives Cbus Property a significant foothold in two of Australia's established super-regional retail markets and extends the buyer's retail presence into Western Australia and Queensland, adding to holdings it already maintains in New South Wales.

Deal Structure and Transition Arrangements

The transaction involves the sale of 50% interests in both centres, with Lendlease set to provide initial advisory support to Cbus Property under an investment management agreement following the close of the deal.

Vanessa Orth, Managing Director of Lendlease Investment Management Australia, described the outcome as a successful execution of APPF Retail's liquidity program. "This transaction represents a successful outcome for APPF Retail's liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process," Orth said. She added that Lendlease looks forward to supporting the assets' ongoing success through its investment management role.

For Lendlease, the sale is part of a broader capital recycling and portfolio reshaping strategy. APPF Retail is a fund managed by Lendlease Investment Management, and the transaction returns capital to fund investors while maintaining a transitional advisory presence at the asset level.

Assets: Lakeside Joondalup and Westfield Carindale

Lakeside Joondalup is located in Perth's northern growth corridor and is one of Western Australia's leading regional shopping centres. The centre serves a broad catchment and offers a mix of retail, dining and lifestyle tenants. A co-located train station supports accessibility to the property.

Westfield Carindale is situated in Brisbane's east and operates as a large-format retail destination offering fashion, food, entertainment and essential services. The centre draws from an affluent customer catchment and functions as a significant community hub in its region.

Cbus Property's Strategic Rationale

Chris Kakoufas, Chief Executive Officer of Cbus Property, said the acquisition represents a meaningful expansion of the company's premium flagship retail portfolio. "The acquisition of 50 per cent interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property's premium flagship retail portfolio, adding two high-quality assets in prime locations," Kakoufas said.

Kakoufas cited conviction in the economic fundamentals of both the Brisbane and Perth markets as a driver of the decision. He said the centres are expected to deliver resilient income and long-term returns for CBUS Super members, the superannuation fund that wholly owns Cbus Property. CBUS Super reported funds under management exceeding A$110 billion as of June 30, 2026.

Kakoufas also pointed to longer-term redevelopment potential. "We also see significant opportunities for long-term precinct evolution, underpinned by the centres' important roles in their local communities," he said.

Cbus Property's overall direct property portfolio currently exceeds A$8.2 billion, with a further A$3.3 billion of development work in hand across commercial office, residential and retail sectors. The company maintains offices in Melbourne, Sydney and Brisbane.

Market Context: Renewed Appetite for Super-Regional Retail

The transaction reflects a broader trend of institutional capital returning to large-format, well-located retail assets in Australia. Both parties cited resilient consumer demand, strong retailer performance and growing investor appetite for dominant shopping centres as factors underpinning the deal's rationale.

Super-regional centres with essential services exposure, quality tenant mixes and strong transport connectivity have attracted renewed interest from institutional investors seeking income-producing assets in supply-constrained suburban catchments.

For Cbus Property, the acquisitions continue what Kakoufas described as a reshaping of the company's portfolio and a positioning of the business for its next phase of growth, alongside its existing focus on premium office and residential property in key Australian markets.