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.
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
