Australia’s QIC buys U.S. shopping center for $750 million

Industry:    2016-02-03

Australian investment fund QIC Ltd [QINVE.UL] said on Wednesday it has agreed to buy a majority stake in a U.S. shopping center and other development rights, in a deal valued at about $750 million Queensland state-owned QIC is acquiring a 51 percent interest in a retail shopping center in New York state from Forest City Realty Trust (FCEa.N), the fund said in a statement, its eleventh U.S. acquisition. “It further diversifies QIC’s existing U.S. retail property portfolio, providing a unique opportunity to take a strategic stake in a quality retail asset within a tightly held institutional asset class, and provides even further geographic exposure to the U.S. East Coast,” said Steven Leigh, managing director of QIC Global Real Estate. QIC did not put a value on the deal, which an industry source said was worth about $750 million. QIC is one of the largest institutional investment managers in Australia with around A$79 billion ($56 billion) in funds under management. It has around A$13.7 billion invested in Australian and international retail and offices.

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