QIC to sell its stake in Perth’s Claremont Quarter

(Source: QIC)

Investment company QIC intends to sell its 50 per cent of stake in Perth luxury shopping centre Claremont Quarter.

QIC and Hawaiian jointly own the shopping centre, which has a gross lettable area of 29,800sqm and is supported by five mini-majors and 118 speciality stores and kiosks.

Its major tenants include David Jones, Coles, Jack’s Whole Foods & Groceries, Chanel, and Georg Jensen.

“Claremont Quarter will be competitively contested by a wide range of domestic and offshore groups given the centre’s standing within the surrounding retail hierarchy, turnover performance, attractive investment fundamentals, secure tenancy profile and strategic location within one of Perth’s most affluent catchments,” said Simon Rooney, head of retail capital markets at CBRE.

Rooney and McVay Real Estate’s Sam McVay have been appointed agents to sell QIC’s stake.

“Pricing for real estate in Perth is also attractive in an Australian context. We expect investment activity will remain elevated with multiple large retail assets currently in play, in what traditionally has been one of the more tightly held markets in Australia,” said Rooney.

Moreover, McVay said that the shopping centre is expected to benefit from the Claremont Quarter Laneway project.

“Once complete, the reimagined Laneway will deliver an engaging dining precinct with elevated food and beverage offerings,” said McVay.

The international expressions of interest campaign for Claremont Quarter is expected to close in mid-to-late August.

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