![Settlement City Settlement City](/images/transform/v1/crop/frm/storypad-38YbjLjtVg4TfuAWfqQmftU/862fa393-7a54-4d77-9532-d456271d1e53.jpg/r0_246_4928_3018_w1200_h678_fmax.jpg)
LEND Lease’s wholesale Real Estate Partners 3 fund is selling Settlement City.
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Also offered up for sale is the fund’s other NSW centre Menai Marketplace in Sydney’s south and three centres in Western Australia.
The retail assets are on the market with a value of more than $500 million.
The owner has placed the asset on the market via an expressions of interest campaign which closes on Thursday, September 4.
“On behalf of the owner, Lend Lease has managed the asset for over four years and will continue to manage the asset until the outcome of any sale is known.
“In the event the asset is sold, it is likely the centre will continue to trade as normal,” said a Settlement City spokesperson.
The likely buyers include ISPT, CFS Retail, Charter Hall and Cbus. Overseas investors such as the Canada Pension Plan Investment Board and Middle East-based trusts are also expected to be interested, more in partnership with an Australian buyer. The Lend Lease REP3 portfolio is being sold through Simon Rooney, Jones Lang LaSalle’s Australian head of retail investments, and Antony Green, director of Macquarie Capital Investors.
Jones Lang LaSalle research shows investment in the sub-regional shopping centre sector has been steadily rising.
Total sub-regional transactions in 2013 reached a record high of $1.8 billion, above the previous record of $1.2 billion in 1997.