Lendlease sells shopping centre stakes for $1.3B

• Cbus Property has agreed to buy 50% stakes in Lakeside Joondalup and Westfield Carindale for approximately $1.3 billion.
• The transaction forms part of Lendlease's ongoing capital return strategy and liquidity programme.
• Cbus Property stated that the acquisition expands its retail portfolio into high-growth urban markets.

Lendlease Group (ASX:LLC) has exchanged contracts to sell its 50% interest in two major regional shopping centres to Cbus Property for approximately $1.3 billion.

The sale covers shopping centre assets that have historically served large consumer bases, with Lakeside Joondalup recording nearly 11 million visits annually.

"The acquisition of 50% 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," said Cbus Property CEO Chris Kakoufas.

Under the terms of the agreement, Lendlease will provide initial advisory support to Cbus Property through a transition investment management agreement.

The company stated that the transaction is expected to successfully return capital to investors through a structured liquidity programme.

Following the announcement, the Lendlease Group share price was up at $3.14.

The vendor has focused recent corporate efforts on streamlining operations and reshaping its asset holdings across global markets.