QIC Property Fund has settled with IP Generation Holdings on the sale of its 50% share of Westfield Helensvale (Gold Coast, QLD), held in Joint Venture with Scentre Group.
Since its 2018 inception, IP Generation has grown quickly in size and reputation. The private company set up by Chris Lock, manages assets across a mix of office, development and retail property. Former Scentre Group executive, Greg Miles joined IP Generation as Director and co-owner of the company last year.
“We are pleased to have finalised this deal, which we believe will deliver attractive returns for our investors. The opportunity was very well supported by our investor base and highlights the increasing appeal for select retail assets in the current investment environment. This transaction brings IP Generation’s acquisitions for the financial year to $580 million and total funds under management to around $1 billion,” said an IP Generation spokesperson.
CBRE’s Head of Retail Capital Markets, Simon Rooney, negotiated the $185 million deal on behalf of QIC.
Rooney noted, “The opportunity to acquire one of south-east Queensland’s premier convenience-based sub regional centres and the ability to partner with the asset’s joint owner, Scentre Group, were key buyer drawcards. Joint venture opportunities with major institutional owners and managers are now being actively pursued by investors, particularly those offering future development upside.”
Westfield Helensvale is a 43,000m2 sub-regional shopping centre located in the growing northern Gold Coast growth corridor
Westfield Helensvale is located in the growing northern Gold Coast growth corridor 45 minutes south of the Brisbane CBD and 20 minutes north of Surfers Paradise. It is situated adjacent to the Brisbane Heavy Rail, Gold Coast Light Rail, with exposure and frontage to both the M1 Motorway and Gold Coast Highway.
The asset comprises a 43,000m2 sub-regional shopping centre which is anchored by a Woolworths, Coles and ALDI supermarkets, Target and Kmart discount department stores, three mini-major tenancies, 136 specialty tenancies, and six mezzanine office tenancies. At-grade car parking is provided for about 2,000 vehicles adjacent to the Pacific Motorway.
Managing Director of QIC Real Estate, Michael O’Brien, said the divestment of Westfield Helensvale, held by the QIC Property Fund, was in line with the client endorsed strategy for the Fund. “At $185 million, the sale of 50% of this asset was in line with QIC’s book value – a very pleasing result for our investors and QIC.
“Not only does this divestment further showcase our ability to deliver successful transactions on behalf of investors, but also demonstrates that investors’ confidence is returning to the broader retail sector.
“In alignment with our long-held fund strategies, we continue to execute on market opportunities which drive strong performance for our clients.”
