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QIC acquires more US real estate
QIC has acquired a 49 per cent stake in Ballston Common Mall in Arlington, Virginia, expanding its joint venture with Forest City Enterprises.
The alternative investment firm said the acquisition extended its interest in the US retail property market.
The agreement brings the total number of assets acquired by QIC to 12 on behalf of its clients. Last month, the firm acquired a 51 per cent stake in the Ridge Hill retail shopping centre in Westchester County, New York.
QIC global real estate managing director, Steven Leigh, said the firm found the US very attractive as it incorporated familiar drivers in investment markets and real estate operating fundamentals.
"Our existing portfolio is achieving good income growth off the back of robust retail sales, coupled with a sustained low interest rate environment," Leigh said.
"We see further opportunities here, and our active management approach means that we are constantly monitoring prospects in the market. The continued expansion of our interests in the retail sector across the US enables us to provide our clients with an opportunity to capture the performance of prime US retail real estate markets.
"Our working relationship with Forest City Enterprises and our complementary experience in master planning, strategic leasing and development activity will be particularly valuable as we extend our partnership to this asset."
In 2015, QIC acquired a 100 per cent stake in The Shops at Tanforan shopping centre in San Bruno, California, and assisted AustralianSuper in acquiring a 25 per cent stake in Honolulu's Ala Moana Shopping Centre.
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