Fund manager QIC will test the retail market by offloading its 50 per cent share in a Gold Coast shopping centre.
The half stake in Westfield Helensvale is expected to be worth more than $200 million with Scentre Group owning the other share.
The centre was built in 2005 on a 17.27ha site in the Gold Coast growth corridor at 1-29 Millaroo Drive, just off the Pacific Highway.
Major retailers Woolworths, Coles, Aldi, Kmart and Target account for 88 per cent of the total GLA which is approximately 44,800 square metres.
CBRE’s head of retail capital markets Simon Rooney said retail fundamentals were continuing to improve so this offer would test the market.
“We expect this strategic 50 per cent stake in Westfield Helensvale to be competitively contested, as regional assets of this nature are traditionally tightly held and rarely traded,” Rooney said.
“The centre’s high productivity, robust performance and solid rebound after Queensland’s Covid lockdowns will help drive competitive investor interest, as will the asset’s strategic growth corridor location, high customer spend and surrounding significant transport infrastructure.”
The latest large-scale shopping centre transactions involved the Lederer Group’s $300 million NSW portfolio and YFG’s two-stage purchase of Mt Ommaney shopping centre in Brisbane for $380 million, which finalised in early 2020.
In 2019 Scentre Group acquired a 50 per cent stake in Western Australia’s Garden City centre for $575 million.