International property and infrastructure group Lend Lease Corp. has completed the acquisition of the balance 50 percent stake in Cairns Central shopping center, Property Observer reports. The buyer’s Australian Prime Property Fund has paid a total of $261 million for the stake held by hitherto joint owner Westfield Group.
The transaction will result in Lend Lease fully owning the shopping centre. The property was put on the block earlier in 2011, adds The Australian. Simon Rooney of Jones Lang LaSalle was in-charge of the sale campaign and Perpetual Trustees was hired to manage the sale procedure.
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