Sydney billionaire Paul Lederer has sold a $300 million portfolio of neighbourhood malls in NSW to Melbourne-based boutique fund manager IP Generation, in the biggest single retail property deal since the pandemic began.

Inked over the weekend on a yield of around 6 per cent, the transaction is a historic moment for Mr Lederer, a long-standing Rich Lister, marking his exit from a retail portfolio he and his late uncle Andrew put together and held over several decades.