QIC Real Estate has acquired a A$44m (€25m) neighbourhood retail centre on the east coast of Australia.
The acquisition in Sydney’s lower North Shore represents the first expansion of QIC Real Estate’s convenience retail portfolio following a recent recapitalisation.
Supported by new partnerships with the Clean Energy Finance Corporation and Prime Super and existing investors, QIC plans to grow the platform over the coming 12 months.
The portfolio, currently valued at approximately A$526m, comprises four shopping centres across New South Wales and Queensland prior to this latest deal.
Charles Occhino, QIC Real Estate core plus strategies fund manager, said the transaction signalled QIC’s return to the market for high-quality convenience retail assets with the support of new and existing investors.
“Re-entering the market with a clear investment mandate allows us to target stabilised, high-performing assets that are embedded in the daily lives of their communities,” Occhino said.
“The Albany Crows Nest fits squarely within that profile as an exceptionally well-located centre with a non-discretionary anchor tenant, secure cash flows, a rapidly growing catchment and clear opportunities to drive long-term value.
“These characteristics align strongly with investor appetite and the favourable market dynamics we are seeing in convenience retail, reinforcing QIC’s conviction in supermarket-anchored convenience assets as a defensive cornerstone within diversified real estate portfolios.”
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