Investor From Down Under Goes All In
- Aug 20, 2015
Australian capital is diving into the Bay. QIC, an institutional investment management company, recently paid $174.4 million for the Shops at Tanforan in San Bruno. The deal marks the firm’s first 100 percent-owned property in the United States, following a series of purchases completed in joint venture with Forest City Enterprises. The property was acquired from Breevast B.V., a Dutch company that specializes in commercial and residential real estate investment.
The Shops at Tanforan is a 970,000-square-foot regional retail center anchored by such tenants as Sears, Target, JC Penney and Century Theatres. Accessible via Interstates 101 and 280, the asset is positioned in an area where tech companies provide most of the economic growth.
Over the past 18 months, QIC has invested in 10 retail assets across the country. The company recently teamed with AustralianSuper, one of Australia’s largest pension funds, to acquire a quarter stake in the Ala Moana Centre in Honolulu for around $1.1 billion.
Steven Leigh, QIC’s managing director for global real estate, explained in a statement that the deal reflects the firm’s three-point strategy:
- “Working with AustralianSuper to secure exposures to very high quality dominant malls such as Ala Moana;
- Our joint venture with Forest City, which gives clients access to a portfolio of regional retail assets; and
- 100 percent QIC-owned assets like The Shops at Tanforan, which we intend to add more of in the future.”