Vicinity snares stake in landmark Perth mall

Vicinity Centres is believed to be in advanced negotiations for a half stake in Perth’s enormous Lakeside Joondalup Shopping Centre, for c$420 million.

The deal with the Future Fund comes in a touch less than the $450m expectation when the asset was listed seven months ago.

With the disposal, the sovereign wealth fund, with nearly $150 billion in assets, quits the Western Australian market.

CBRE’s Simon Rooney marketed the share in the 99,000 square metre mall on 18 hectares.

Anchored to Aldi, Big W, Coles, Kmart, Myer and Kmart, it also includes 283 specialty tenancies and six pad sites.

Lend Lease’s Australia Prime Property Fund Retail owns the balance (story continues below).

It and Future Fund outlaid $475m in 2010.

The pair also spent c$330m on a refurbishment and extension.

The disposal deal comes a week after Vicinity listed its smallest mall by value – Victoria Park Central, in Perth, with c$30m-plus price hopes.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of