QIC Property Fund has sold a 50% stake in a regional shopping centre in Queensland to boutique fund manager IP Generation Holdings for A$185m (€128m).
The remaining interest in the Westfield Helensvale centre is held by Scentre Group.
Michael O’Brien, QIC Real Estate’s managing director, said the divestment of Westfield Helensvale was in line with the client-endorsed strategy for the fund.
“At A$185m, the sale of 50% of this asset was in line with QIC’s book value - a very pleasing result for our investors and QIC,” he said.
QIC Real Estate has owned the asset jointly with Scentre Group (when it was known as Westfield) since 2005. They jointly developed the shopping centre.
The Melbourne-based buyer, IP Generation, manages A$600m in assets across a mix of office, development and retail property.
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