QIC increases US property exposure
Queensland-based institutional investment house QIC has entered an agreement with US-based Forest City Enterprises to form a joint venture in a real estate portfolio comprised of eight US regional retail malls currently owned by Forest City.
The QIC announcement said the acquisition and joint venture would provide QIC with access to premium-quality, scarce offshore assets that met the global real estate needs of institutional clients.
Commenting on the development, QIC Global Real Estate managing director Steven Leigh said Forest City Enterprises was a highly experienced, long-term investor in prime real estate throughout the US.
"Forest City will be the managing member of the individual joint ventures and will continue to be responsible for leasing, operations, marketing, financing, development services and asset management of the properties," he said.
Leigh said the joint venture represented a significant step in QIC's long-term investment strategy.
"Expansion into the US retail sector is a natural progression and comes after extensive investigation of the real estate market," he said.
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