COLONIAL First State Global Asset Management is understood to be in negotiations to buy Perth's Lakeside Joondalup Shopping Centre in Perth for about $450 million.

The speculated sale price equates to a yield of about 7 per cent, and a markdown of $40 million, from the shopping centre's $490 million valuation in June.
Other institutions reported as being interesteed in buying the centre include Lend Lease's Australian Prime Property Fund and the Future Fund, which recently sold a substantial amount of Telstra shares.