Image: Claremont Quarter.QIC has exchanged contracts with Hawaiian on the purchase of QIC’s 50 per cent share of Claremont Quarter in Western Australia, making Hawaiian the sole owner of the centre.
The divestment of Claremont Quarter, jointly held by the QIC Property Fund and QIC Town Centre Fund, is in line with client-endorsed strategies for both funds.
QIC Director of Real Estate Capital Markets James Doneley said the deal further showcased QIC’s ability to deliver successful transactions on behalf of investors.
“While still subject to FIRB approval, the pending purchase price was above QIC’s book value, which, if executed as planned, will be a very pleasing result for our investors and QIC,” Mr Doneley said.
“Moreover, the strong response to our Expression of Interest campaign in the past fortnight demonstrates that confidence is returning to the broader retail sector.
“Against this backdrop, we will continue to execute on market opportunities which drive strong performance for our investors.”
Both Hawaiian and QIC expressed their gratitude for the successful partnership they have enjoyed over the years.
“We are immensely grateful to QIC for their partnership and the remarkable achievements we have accomplished together at Claremont Quarter over the past 11 years,” Hawaiian COO Richard Kilbane said.
“Their contributions have been instrumental in helping to shape Claremont Quarter into the vibrant centre it is today.”
This pending acquisition underpins Hawaiian’s strong confidence in the future of Claremont Quarter and its commitment to creating thriving communities, with the completion of the exciting new Laneway precinct also set to be completed later this year.
“As we move through the formal settlement process, we are excited about the future and what this means for the centre and our community,” Mr Kilbane added.
The settlement process is expected to be completed by late October 2024.
Hawaiian and QIC are committed to ensuring a smooth transition during the settlement phase.
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