Queensland Investment Corporation has sold Sydney-based West Point Shopping Center in the largest single transaction for an Australian retail centre. QIC will sell West Point to Australian asset manager Mr. Haben and American investment manager Mr. Hines, each acquiring a half stake.
Financial Standard, which like CIO is owned by ISS STOXX, reported the final sale price at A$900 million ($605 million), higher than the A$800 million sale price of Indooroopilly Shopping Center in 2017. .
QIC’s Town Center Fund Manager Michael Fattu said the transaction reflected 34 years of strong active management performance.
“As one of the first QIC real estate assets jointly owned by QIC Real Estate Fund and QIC Town Center Fund, it has been a rewarding journey to transform West Point into the retail and lifestyle hub of Blacktown (Western Sydney).” Fattu said. “We are very proud of the evolution of West Point and it is no surprise that the sale will be the largest retail transaction of the year.The sale still requires FIRB approval, but the QIC This is further evidence of our ability to not only improve performance through active management, but also execute successful transactions on behalf of our investors at the right time.”
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With approximately $67.25 billion in assets under management, QIC is an investment company founded and owned by the State of Queensland, Australia, serving the long-term investment needs of the State Government.
Ben Finger, managing director and co-founder of Haven, said the shopping center is an important asset offering core retail and mixed-use zoning in one of Sydney’s fastest growing areas. He said that.
“This acquisition represents a strategic opportunity to partner with Hines on our first Australian retail acquisition, establishing Australia’s largest retail partnership,” Mr Finger said. “Mr Haben is delighted to take over the reins and is a strong believer in the resilience and potential of Australia’s retail market. looking forward to it.”
This article first appeared in Financial Standard, a sister publication of CIO and also owned by ISS STOXX.
Tags: Ben Finger, Commercial Real Estate, Michael Fattu, Queensland Investment Corporation, Shopping Centers
