Australian Prime Property Fund Retail

Overview Key strengths Key risks Portfolio of prime-quality shopping centers in population growth corridors across Australia Gearing to remain at the upper end of the fund's targeted range as the fund progresses with resolving its ongoing unitholder redemption process Access to Lendlease's integrated end-to-end business model and experienced asset management team Exposure to discretionary consumer spending and tenant demand, which are both changing amid a structural shift to e-commerce Diverse tenant base, high occupancy, and well-spread lease expiry profile across the portfolio APPF Retail divested its Caneland Central shopping center in December 2022. This was a noncore asset. Following the sale, APPF Retail's property book value dropped to about A$3.5 billion from A$3.7 billion. The number of noncore assets available

...The portfolio of Australian Prime Property Fund (APPF Retail) has reduced through continued asset divestments to meet unitholder redemptions. APPF Retail divested its Caneland Central shopping center in December 2022. This was a noncore asset. Following the sale, APPF Retail's property book value dropped to about A$3.5 billion from A$3.7 billion. The number of noncore assets available for divestment to meet redemptions and debt reduction has reduced. We believe the fund's remaining prime-quality Australian assets, spread across growing consumer catchment areas, underpin its business position. These assets comprise primarily major and...

Full Report