QIC and one of its funds, QIC Town Centre, have sold a neighbourhood shopping centre in the north of Sydney for A$105m (€70m) to the Hills Shires Council.
The local government council bought Castle Mall at approximately 4.1% yield.
Managing director of QIC Real Estate, Michael O’Brien, said the divestment of Castle Mall, located opposite Castle Towers, with both assets held jointly by the QIC Property Fund and QIC Town Centre Fund, was in line with the client endorsed strategy for the funds.
“As an active real estate manager, QIC is always strategically re-assessing its holdings, seeking to position the funds to capture optimal growth and return outcomes for our clients.”
He added that in alignment with our long-held fund strategies, QIC continued to execute on market opportunities.
“QIC continues to be focused on activating its retail-anchored mixed-use town centre masterplan for Castle Towers. As Castle Mall does not form part of this masterplan, it was surplus to our needs.”
QIC is working on a large billion-dollar-plus expansion programme under the masterplan which includes hotels and residential apartments atop its Castle Towers.
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