Lendlease is looking to sell its 50% stake in Westfield Marion, in Adelaide SA. The super-regional centre, which is co-owned by the Lendlease Australian Prime Property Fund Retail and the listed Scentre Group (ASX: SCG) has been valued at around $1.5B in total. The Lendlease fund is selling its 50% stake while Scentre Group intends to remain as the other 50% holder.
The major shopping centre of 136,837 sqm in NLA is anchored by department stores such as David Jones and Myer; and supermarkets such as Coles and Woolworths. The major tenants are complemented with 310 specialty stores and 5,500 parking spots.
This centre is considered as one of the Fund’s best assets, underpinned by strong sales growth. By Moving Annual Turnover (MAT), Westfield Marion is considered the 13th largest shopping centre in Australia.
With a number of retail assets on the market, the sale of the centre will be closely watched as an indicator of investor appetite and pricing in the retail sector.