QIC increases US property exposure

7 June 2013
| By Staff |
image
image
expand image

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.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

1 week ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

1 week ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

1 week 1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND