QIC buys two malls for $277m
QIC has acquired two malls, one in the United States and one in Australia, for a total of $227 million.
In San Bruno, Calif., QIC bought The Shops at Tanforan shopping center for $174.4 million on behalf of a major Australian client. The seller was Breevast B.V.
The 970,000-square-foot Shops at Tanforan is on the San Francisco peninsula between San Francisco and Silicon Valley.
The acquisition represents QIC’s first 100 percent owned U.S. property and is the 10th U.S. retail property into which QIC has invested on behalf of its Australian clients over the past 18 months. Earlier this year, QIC assisted AustralianSuper to acquire a 25 percent stake in Honolulu’s Ala Moana Center that values the shopping mall at approximately $1.1 billion. QIC also has a U.S. real estate joint venture with Forest City Enterprises that has invested in eight high-quality retail assets.
In the second deal, QIC has agreed to acquire Domain Central