Cbus spends $1.3b for two shopping centre stakes
Cbus Property has bought half-stakes in two major shopping centres, in Brisbane and Perth.
This investment manager is paying $1.3 billion for Australian Prime Property Fund Retail’s interests in Lakeside Joondalup and Westfield Carindale.
Lendlease was the vendor.
The sale forms part of its liquidity program, with the group to provide Cbus Property with initial advisory support under an investment management agreement.
Cbus Property chief executive Chris Kakoufas said the acquisition would provide income for Cbus Super members and create opportunities for the longer-term evolution of the two precincts.
The deal follows Cbus Property and UniSuper’s $2.2b acquisition of stakes in Gold Coast’s Pacific Fair and Sydney’s Macquarie Centre in 2021, then Australia’s biggest retail transaction.
Brisbane, Perth malls
Westfield Carindale in Brisbane’s south-east contains 136,046 square metres with 375 retailers.
Big W, Coles, David Jones, Kmart and Myer are amongst the anchors.
There is also an Event Cinemas.
The site spans c16 hectares neighbouring the Carindale Home & Leisure Centre.
Lakeside Joondalup, on 23.8ha in Perth’s north, contains 100,234sqm over two levels (continues below).
Co-located with a train station, Aldi, Coles, Kmart, Target, Myer and Hots are amongst the anchors. Completed in 1994 it was last revamped in 2024.
The trade area is 434,691 people.
The assets were marketed by JLL’s Luke Prokuda, Mike Pyke, Nick Willis and Sam Hatcher.
Mixed-use development upside
The deal is subject to conditions.
“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,” Mr Kakoufas said.
“The acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance,” Mr Kakoufas said.
“Our ownership of some of Australia’s leading super regional retail destinations will provide resilient income and, in turn, long-term returns for CBUS Super members,” he added.
“We also see significant opportunities for long-term precinct evolution, underpinned by the centres’ important roles in their local communities,” according to the executive.
“Together with our focus on premium office and residential property in key markets, these transactions continue the reshaping of our portfolio and position the business for its next generation of growth”.
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