QIC has finalised the sale of a half stake in Gold Coast’s Westfield Helensvale.
Melbourne based IP Generation, led by Chris Lock, is the buyer – outlaying $185 million, a small drop on the most recent ($195m) book value and reflecting a c6.25 per cent yield.
CBRE’s Simon Rooney was the agent.
SCentre owns the balance of the complex, 15 kilometres north west of Surfers Paradise.
Elsewhere on the Gold Coast, last month, Argus Property Partners offloaded the Metro Market at Biggera Waters, 10 kilometres east of Helensvale, for $39.4m – again to Melbourne based buyers.
IJ Capital also sold the Benowa Gardens complex, for $60.5m, following a renovation.
Benowa Gardens if four kilometres north of Surfers Paradise.
Triple supermarket anchored
Completed in 2005, Westfield Helensvale contains 44,832 square metres of area anchored to the three major supermarkets, Kmart and Target, with three mini-majors, 136 specialty stores and six mezzanine office suites.
Adjacent to the Brisbane Heavy Rail, Gold Coast Light Rail and with exposure and frontage to the M1 Motorway and Gold Coast Highway, the holding includes an 8.9 hectare parcel once occupied by the NightQuarter market (story continues below).
There are also 2100 car parks.
“The divestment of Westfield Helensvale, held by the QIC Property Fund, was in line with the client endorsed strategy for the fund,” QIC Real Estate managing director, Michael O’Brien, said.
“Not only does this divestment further showcase our ability to deliver successful transactions on behalf of investors, but also demonstrates that investors’ confidence in returning to the broader retail sector,” he added.
“In alignment with our long-held fund strategies, we continue to execute on market opportunities which drive strong performance for our clients,” according to the executive.
IP Generation head of Funds Management, Andrew Coutts, said the acquisition will deliver attractive returns for its investors.
“This transaction brings IP Generation’s acquisitions for the financial year to $580m and total funds under management to about $1 billion,” according to the executive.
Mr Rooney added “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 drawcards”.
Joint venture opportunities with major institutional owners and managers are actively being pursued, the agent said.
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