QIC has settled on the sale of its half stake in the Westfield Helensvale shopping centre on the Gold Coast to IP Generation Holdings for $185 million.
The 43,000 sqm sub-regional shopping centre was anchored by Woolworths, Coles and Aldi supermarkets and Target and Kmart discount department stores.
It also offered three mini-major tenancies, 136 specialty tenancies, six mezzanine office tenancies, and car parking for about 2,000 vehicles.
The mall was located in the growing northern Gold Coast growth corridor – 45 minutes south of the Brisbane CBD and 20 minutes north of Surfers Paradise.
QIC Real Estate Managing Director Michael O’Brien said the divestment of Westfield Helensvale, held by the QIC Property Fund in joint venture with Scentre Group, was in line with the client-endorsed strategy for the fund.
“At $185 million, the sale of 50% of this asset was in line with QIC’s book value – a very pleasing result for our investors and QIC,” O’Brien said.
“Not only does this divestment further showcase our ability to deliver successful transactions on behalf of investors, but also demonstrates that investors’ confidence is returning to the broader retail sector.”
CBRE’s Head of Retail Capital Markets Simon Rooney negotiated the sale on behalf of QIC.
“The opportunity to acquire one of south-east Queensland’s premier convenience-based sub regional centres and the ability to partner with the asset’s joint owner, Scentre Group, were key buyer drawcards,” Rooney said.
“Joint venture opportunities with major institutional owners and managers are now being actively pursued by investors, particularly those offering future development upside.”
Recent retail deals on the Gold Coast include fund manager Argus Property Partners’ sale of the Metro Market shopping centre in Biggera Waters on the Gold Coast for about $39.4 million last week.
Last month, IJ Capital’s sold Benowa Gardens for $60.5 million, while AMP Capital Retail Trust purchased the remaining 20% stake of Pacific Fair for $336.4 million last December.
Greenpool Capital and Qualitas took over the Runaway Bay Centre after buying the remaining 50% interest from Vicinity Centres for $132 million last November, while Vicinity Centres bought a 50% stake in the Harbour Town outlet centre from a Lendlease-managed fund for $358 million last October.
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