QIC has agreed to sell its half share in a prime shopping centre, Claremont Quarter, outside Perth in Western Australia to co-owner Hawaiian, a private property investment group.
The transaction price is believed to be around A$207m (€125.5m).
Hawaiian, which already owns a portfolio of 11 shopping centres, exercised its pre-emptive rights to take full control of the Claremont Quarter, which it jointly owns with QIC since 2013.
QIC director of real estate capital markets James Doneley, said: “The divestment of Claremont Quarter, held by the QIC Property Fund and QIC Town Centre Fund, is in line with client-endorsed strategies for both funds.”
Doneley said there was strong response to its sale campaign in the past fortnight demonstrating confidence was returning to the broader retail sector. “Against this backdrop, we will continue to execute on market opportunities which drive strong performance for our investors.”
Hawaiian COO Richard Kilbane said: “We are immensely grateful to QIC for their partnership and the remarkable achievements we have accomplished together at Claremont Quarter over the past 11 years. Their contributions have been instrumental in helping to shape Claremont Quarter into the vibrant centre it is today.”
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