QIC Global Real Estate (QICGRE) has sold two non-core big-format shopping centres in Victoria and Queensland for a total of A$163m (€106m) to two separate buyers.
QICGRE sold Watergardens Homeplace in Taylors Lakes, Victoria, for A$97m, and the Home+Life Robina centre on Queensland’s Gold Coast for A$66m. These centres are jointly held by QIC Property Fund and the QIC Shopping Centre Fund.
The identity of the purchasers of the Victorian was not disclosed.
However, industry sources told IPE Real Assets the Victorian centre was sold to listed white goods retailer Harvey Norman.
The Brisbane-based fund manager has confirmed that the buyer of the Gold Coast centre is the Perth-based Primewest.
It is believed PrimeWest may seed the asset in a soon-to-launch large-format property fund.
When approached by IPE Real Assets, QIC Global Real Estate managing director, Michael O’Brien, said: “The divestment of these sites is in line with client-endorsed strategies for both funds.”
O’Brien said that, as non-core holdings, the assets did not form part of QICGRE’s broader masterplan for Robina Town Centre, Watergardens and the adjoining strategic land parcels owned by the funds.
“Both assets generated strong buyer interest and were sold at a significant premium to book value,” he said.
Robina Home + Life is a single level, multi-tenanted large format retail centre. The property sits on a 3.6-hectare site and offers gross letting area of 14,782sqm.
Watergardens Homeplace provides 25,930sqm of retail space.
To read the digital edition of the latest IPE Real Assets magazine click here.
