10 August 2026: Lendlease’s Australian Prime Property Fund Retail (APPF Retail) has exchanged contracts for the sale of its 50 per cent interests in Lakeside Joondalup and Westfield Carindale to Cbus Property for approximately $1.3 billion.
Lakeside Joondalup and Westfield Carindale are among Australia’s leading Super Regional shopping centres and will further strengthen Cbus Property’s growing retail portfolio to span New South Wales, Queensland and Western Australia.
The transaction reflects continued confidence in the fundamentals of Australia’s retail sector, with high-quality assets benefiting from resilient consumer demand, strong retailer performance and growing investor appetite for well-located, dominant shopping centres.
Located in Perth’s northern growth corridor, Lakeside Joondalup is one of Western Australia’s leading regional shopping centres, serving a strong and growing catchment. The centre offers a diverse retail, dining and lifestyle experience, supported by a high-quality tenant mix and co-located train station.
Westfield Carindale in Brisbane’s east is one of Queensland’s premier retail destinations, providing a comprehensive mix of fashion, food, entertainment and essential services. The centre benefits from an affluent customer catchment and continues to play an important role as a leading retail and community hub in the region.
As part of the transaction, Lendlease will provide initial advisory support to Cbus Property under an investment management agreement.
Quotes attributable to Cbus Property’s Chief Executive Officer, Chris Kakoufas:
“The acquisition of 50 per cent interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property’s premium flagship retail portfolio, adding two high-quality assets in prime locations,” Mr Kakoufas said.
“The acquisition extends our retail portfolio into the Brisbane and Perth markets, where we have high conviction in the economic fundamentals underpinning retail performance. Our ownership of some of Australia’s leading super regional retail destinations will provide resilient income and, in turn, long-term returns for CBUS Super members. We also see significant opportunities for long-term precinct evolution, underpinned by the centres’ important roles in their local communities.
“Together with our focus on premium office and residential property in key markets, these transactions continue the reshaping of our portfolio and position the business for its next generation of growth.”
Quotes attributable to Vanessa Orth, Managing Director, Lendlease Investment Management Australia
“We’re pleased to partner with Cbus Property on the transition of these two high-quality assets and look forward to continuing our relationship through our investment management role.”
“This transaction represents a successful outcome for APPF Retail’s liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process.”
“Both assets have strong market positions, and we look forward to supporting their ongoing success.”
ENDS
For more information please contact:
Lendlease
Lily-Rose Chin, External Affairs Manager
M: +61 402 263 859
E: lily-rose.chin@lendlease.com
To request an interview with Cbus Property, please contact:
Bonnie Ziegeler | Senior PR & Corporate Affairs Manager
Cbus Property
+61 (0) 437 603 911
bziegeler@cbusproperty.com.au
ABOUT LENDLEASE
Lendlease is an international real estate group listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. We draw on this expertise to realise opportunities that create real value and returns for our partners and customers, as well as the communities who experience the places we shape. For more information, please visit: www.lendlease.com
ABOUT CBUS PROPERTY
Cbus Property is a wholly owned entity of CBUS Super, the leading Industry Super Fund representing those that help build, maintain and shape Australia with funds under management exceeding $110 billion as at 30 June 2026.
Cbus Property is responsible for the strategic performance and management of all aspects of the CBUS direct property investment business, including major investments and developments in the commercial office, residential and retail sectors. The property portfolio currently exceeds $8.2 billion, with a further $3.3 billion of development work ‘in hand’, making Cbus Property one of Australia’s leading integrated property investors and developers.
With offices in Melbourne, Sydney and Brisbane, Cbus Property is renowned for creating developments and transforming precincts with a rare synergy between ourselves; our tenant partners; our purchasers and residents; and our project team.
We are committed to using our extensive experience in the delivery of developments and in the management and ownership of our property portfolio investments, to set new benchmarks for both economic and environmental sustainability. Cbus Property has built a legacy of developing office, retail and residential buildings to the highest sustainability standards, delivering positive environmental, social and economic outcomes. In an ever-evolving approach to sustainability, Cbus Property is aspiring to develop and manage the most sustainable buildings in Australia, if not the world.
