A Lendlease-run shopping centre fund, once one of the biggest in the country, is handing the management rights of Sunshine Plaza in Queensland and Macarthur Square in Sydney to rival property giant GPT.
The two major malls, worth about $1 billion in total, will still be held in the Lendlease fund, but their valuable management rights and revenue flowing from that will be in the hands of GPT. The switch leaves the Lendlease fund with the management rights of just Erina Fair and Tweed City.
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correction —
The APPF Retail fund still has management rights of Erina Fair and Tweed City Shopping Centre. The original report stated that it only had the management rights of Erina Fair.
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. Email Campbell at campbell.kwan@afr.com
