Cairns Central SC Expected to Fetch $450 Million

TWO of Australia’s biggest property players, Westfield Group and Lend Lease (which controls the Australian Prime Property Fund), are planning to sell the Cairns Central shopping centre they own together.

The complex was at the centre of a legal dispute that Westfield and Lend Lease eventually took to court.

It includes about 180 stores including major tenants Myer, Target, Coles, Bi-Lo (which like Coles is part of the Wesfarmers Group) and a Birch, Carroll and Coyle cinema.

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State Street, JP Morgan, Pre-Commit to New Sydney CBD Offices

TWO major corporates have signed major new leases in Sydney, signalling a shift in sentiment to the CBD office market.

Investment bank JP Morgan will be the anchor tenant for a new building at 85 Castlereagh Street, due for completion in 2012. JP Morgan will take 16,700 square metres of the new tower, to be developed by Westfield over its its Sydney City development.

Investment manager State Street ha also committed to new offices, agreeing to a 10-year lease at Fortius Fund Management’s $400 million George Street building, due for completion in September. Lend Lease managed Australian Prime Property Fund is also developing that building.

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