New South Wales’ Erina Fair shopping centre is set to be sold for $900M after its owner Lendlease secured a buyer for the asset.
Located on the NSW Central Coast, the shopping centre has nearly 113,000sq m of retail space. It is a flagship asset in an unlisted mall fund under Lendlease’s $10bn Australian Prime Property Fund (APPF) arm.
According to the Australian Financial Review, the deal represents one of the largest standalone asset deals yet in the shopping centre market. It will also be the largest deal for the buyer, Fawkner Property.
A Fawkner Property fund-raising document obtained by the AFR shows the price of $895M is 22 per cent below Erina Fair’s peak value. It forecasts a 7.25 per cent initial distribution yield to prospective investors.
