QIC Ltd to buy majority stake in US retail shopping centre

Australian investment fund QIC Ltd today struck a deal to buy a majority stake in Westchester's Ridge Hill retail shopping centre and other development rights.

Queensland state-owned QIC is acquiring a 51-per cent stake in New York-based Westchester's Ridge Hill from Forest City Realty Trust for a reported $750 million.

Steven Leigh, managing director of QIC Global Real Estate, said in  a statement, ''The agreement QIC has reached with Forest City sees us expand our interest in the attractive US market, and further strengthens our relationship with Forest City, a highly experienced and long-term investor in prime real estate throughout the US.''

''This agreement with Forest City brings to 11 the total number of assets acquired by QIC on behalf of its clients. In 2015, QIC acquired a 100% stake in The Shops at Tanforan shopping center in San Bruno, California, in the San Francisco Bay area and assisted AustralianSuper in acquiring a 25% stake in Honolulu's Ala Moana Shopping Centre,'' he added.

Westchester's Ridge Hill is a 120,774sqmt open-air retail shopping centre located north of midtown Manhattan in Yonkers between Interstate 87 and Sprain Brook Parkway. It is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Centre, The Cheesecake Factory, Dick's Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores.

Queensland state-owned QIC is one of the largest institutional investment managers in Australia with around $56 billion in funds under management.

It has over 90 institutional investors in Australia and internationally and has invested around A$13.7 billion in Australian and international retail and offices.