This article is from the Australian Property Journal archive
QIC Global Real Estate has expanded its US interests by acquiring a 49% stake in Ballston Common Mall in Arlington, Virginia.
Managing director Steven Leigh said this acquisition further expands QIC’s participation in the US retail property market as a core element of its business strategy.
“We view the US as very attractive, incorporating 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.
“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,” Leigh added.
Ballston Common Mall is a 55,000 sqm enclosed complex located in an affluent, high-growth corridor approximately 7km west of Washington, D.C. It is anchored by Macy’s, Regal Cinemas and Sport and Health Club and incorporates about 85 speciality retailers. The mall is earmarked for expansion, subject to planning approval.
The deal was sourced via Forest City, QIC’s partner in the US. This agreement brings to 12 the total number of assets acquired by QIC on behalf of its clients. In February, QIC bought a 51% stake in the Ridge Hill retail shopping canter located in Westchester County, New York.
And last year, QIC acquired a 100% stake in The Shops at Tanforan shopping center in San Bruno, California, in the San Francisco Bay area, and assisted AustralianSuper in acquiring a 25% stake in Honolulu’s Ala Moana Shopping Center.
“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,” Leigh said.
Australian Property Journal
