Lendlease is set to sell its stake in the unlisted APPF Retail fund to Cbus Property, a subsidiary of the superannuation fund Cbus. The deal, which is currently in exclusive due diligence, will see Cbus Property buy out existing investors in the retail-focused property portfolio.

APPF Retail, an unlisted property fund managed by Lendlease, owns a diverse portfolio of Australian retail assets. The sale represents a significant shift in ownership for the fund, which has been under Lendlease's management since its inception. The move aligns with Cbus's strategy to expand its direct property holdings and provide more investment options for its members.

The transaction underscores the ongoing consolidation in Australia's real estate investment sector, as superannuation funds seek greater control over their property portfolios. For Lendlease, the sale allows the company to streamline its operations and focus on its core development and construction businesses. The deal is expected to close following the completion of due diligence, though financial terms have not been disclosed.