Property giant Lendlease has concluded a five-year effort to meet $2 billion worth of redemptions in its flagship shopping mall fund – representing close to half the fund’s value – with the sale of a Queensland mall to a private fund manager on Wednesday night.

The $390 million sale of Cairns Central to busy Melbourne-based fund manager Fawkner Property was struck on a yield between 7.5 per cent to 8 per cent, and at a slight discount to its $400 million September book value.