APPF Retail disposes of Far North Queensland shopping centre

The transaction will take place in late February 2024.

Australian Prime Property Fund Retail has sold shopping centre Cairns Central located in Far North Queensland to Fawkner Property for around $261.2m (A$390m).

In a statement, Lendlease, which manages APPF Retail, said the Cairns Central is the only regional shopping centre in the Far North Queensland area.

The property has a gross land area of 51,972 square metres, housing over 186 quality tenants.

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“The sale of Cairns Central is a strong result for APPF Retail investors, particularly in light of market conditions experienced throughout 2023. With the strategic divestment of this asset, APPF Retail will be able to close out the remaining redemption requests in the Fund, providing liquidity to those investors who requested it,” said Anne MacSporran, Fund Manager APPF Retail, Lendlease.

The property was sought after by prospective buyers due to its location, high-quality retail mix, and strong growth forecasts.

$1 = A$1.49