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Lendlease, APPF Retail sell Craigieburn Central shopping center in Australia
Lendlease Group and Lendlease’s Australian Prime Property Fund (APPF) Retail, which co-own the Craigieburn Central shopping center, are selling the property to IP Generation for a gross price of A$300 million ($201 million). APPF Retail held a 75 percent interest in the center, with Lendlease Group holding the remaining 25 percent interest.
Developed by Lendlease and opened in 2013, Craigieburn Central is in one of Melbourne’s fastest-growing regions and consists of 157 specialty stores, with a range of major retailers and entertainment offers, as well as bulky goods and commercial tenants, according to CBRE, which negotiated the sale on behalf of the vendors. CBRE said this represented the largest retail transaction in Australia since December 2021.
“The sale was a highly competitive pricing outcome for APPF Retail and Lendlease, simply reflective of the attractive inherent, long term and deep value fundamentals Craigieburn Central offers, valued accordingly by