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Link Real Estate Investment Trust (0823) has reportedly submitted a A$1.5 billion (HK$143 billion) bid to acquire 50 percent stakes in three shopping malls from Lendlease's Australian Prime Property Fund Retail, a A$2.8 billion property fund, according to The Australian Financial Review.
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The bid covers three of the fund's four remaining assets – Queensland's Sunshine Plaza, New South Wales' Macarthur Square, and Western Australia's Lakeside Joondalup, the report said.
It comes as Lendlease has begun downsizing its portfolio, having agreed last month to sell Erina Fair shopping center in New South Wales for A$895 million to Fawkner Property.
Sources told AFR that Link's offer was unsolicited and unrelated to the ongoing management dispute between Hostplus and Mirvac over control of the fund.
"Australia's relatively stable economic environment and improving financing conditions are attracting global investors back," said MSCI’s Pacific head of private assets research Ben Martin-Henry, noting the current 3.6 percent cash rate should sustain cross-border investment momentum through 2026.
Lendlease declined to comment on the reported offer.
The fund will use proceeds from the Erina Fair sale to cover investor redemptions during a scheduled window later this month, though specific redemption amounts remain undetermined.
