APPF Retail and Cbus Property reach exchange on Super Regional retail assets

7 AUGUST 2026

Lendlease’s Australian Prime Property Fund Retail (APPF Retail) has exchanged contracts for the sale of its 50 per cent interests in Lakeside Joondalup and Westfield Carindale to Cbus Property for approximately $1.3 billion.

Lakeside Joondalup and Westfield Carindale are among Australia’s leading Super Regional shopping centres and will further strengthen Cbus Property’s growing retail portfolio to span New South Wales, Queensland and Western Australia.

The transaction reflects continued confidence in the fundamentals of Australia’s retail sector, with high-quality assets benefiting from resilient consumer demand, strong retailer performance and growing investor appetite for well-located, dominant shopping centres.

Located in Perth’s northern growth corridor, Lakeside Joondalup is one of Western Australia’s leading regional shopping centres, serving a strong and growing catchment. The centre offers a diverse retail, dining and lifestyle experience, supported by a high-quality tenant mix and co-located train station.

Lakeside Joondalup, Perth

Westfield Carindale in Brisbane’s east is one of Queensland’s premier retail destinations, providing a comprehensive mix of fashion, food, entertainment and essential services. The centre benefits from an affluent customer catchment and continues to play an important role as a leading retail and community hub in the region.

As part of the transaction, Lendlease will provide initial advisory support to Cbus Property under an investment management agreement.

Quotes attributable to Cbus Property’s Chief Executive Officer, Chris Kakoufas:

“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. 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. We also see significant opportunities for long-term precinct evolution, underpinned by the centres’ important roles in their local communities.

“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.”

Westfield Carindale, Brisbane

Quotes attributable to Vanessa Orth, Managing Director, Lendlease Investment Management Australia

“We’re pleased to partner with Cbus Property on the transition of these two high-quality assets and look forward to continuing our relationship through our investment management role.”

“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.”

“Both assets have strong market positions, and we look forward to supporting their ongoing success.”