QIC joint venture expands US property portfolio
QIC has acquired eight US retail shopping centres after forming a joint venture with US-based real estate company Forest City Enterprises.
Forest City, which currently owns the property portfolio, will continue on as the managing member under the arrangement overseeing leasing, operations, marketing, financing, development services and asset management of the properties.
QIC Global Real Estate managing director, Steven Leigh said the joint venture was a significant milestone in its long-term investment strategy.
"Expansion into the United States retail sector is a natural progression and comes after extensive investigation of the real estate market," he said.
"Our recognised property investment capability and global relationships enable us to continue offering local and offshore client access to quality opportunities of the scale and return profile that suit their global investing needs, such as this joint venture."
He said the joint venture would allow QIC to provide additional development for short to medium term growth and give it access to future deal flow.
The investment manager indicated it would continue to expand its offshore real estate investments in response to demand.
"We will continue to develop our offshore capability to meet global property needs of clients," Leigh said.
QIC has invested in real estate assets for over 20 years and currently holds over $10 billion in local and offshore property assets.
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