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Australian sovereign wealth fund plans 50% stake sale in A$1.2B shopping center

The Future Fund is looking to divest its stake in the A$1.2 billion Lakeside Joondalup Shopping City mall, which it co-owns with a Lendlease Corp. Ltd.-managed fund, The Australian reported.

The stake of the Australian sovereign wealth fund is expected to hit the market once its co-owner in the property reaches a decision regarding the proposed sale, according to the Sept. 6 report. The publication added that the sale could attract major players in the industry, such as the Scentre Group, Vicinity Centres, QIC, AMP Capital and GPT Group.

Lendlease's APPF Retail and Future Fund bought Lakeside Joondalup in 2010 from the ING ­Retail Property Fund for $475 million and later spent A$330 million to redevelop it. The mall has undergone three expansions since it opened in 1994 to become Western Australia's largest shopping center, spanning 99,600 square meters. The property lists retailers Myer, Coles and Aldi, as well as clothing brand H&M as among its tenants.