This article is from the Australian Property Journal archive
THE Australian Prime Property Fund Retail has emerged as the Lendlease vehicle that acquired a 25% interest in the high-performing Harbour Town Gold Coast outlet centre for $180 million from the Future Fund, taking its interest in the asset to 50%.
The 55,250 sqm asset boasts the highest moving annual turnover of any Australian outlet centre at more than $440 million.
Anchored by Woolworths and a Reading cinema, it has 14 mini-majors, 221 specialties, kiosks and a McDonald’s pad site, and will open its $28 million Harbour Town Eats redevelopment on Friday.
Lewis Land company owns the remaining 50%.
The $149 billion Future Fund was hoping to sell a half-stake in Perth’s Lake Joondalup regional shopping centre to Lendlease also, but it opted not to take a first right of refusal for the offering.
Australian Property Journal
