Lendlease mall investors finally get their money back

Campbell Kwan and Nick Lenaghan

Dec 14, 2023 – 11.46am

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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.

Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter.

Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts.