Lendlease Group's (ASX:LLC) Australian Prime Property Fund Retail entered deals for the sale of its 50% stakes in the Lakeside Joondalup and Westfield Carindale shopping centers to Cbus Property for about AU$1.3 billion, according to a Monday statement.

As part of the deal, Lendlease will provide initial advisory support to Cbus Property under an investment management agreement.

Lakeside Joondalup is located in Perth's northern growth corridor with a diverse range of retail and dining outlets, while Westfield Carindale in Brisbane provides a mix of fashion, food, and entertainment options, per the statement.

Lendlease Group's shares shed about 1% in recent Monday trade.