A fund managed by Queensland Investment Corporation (QIC) has bought a A$135m (鈧�84m) shopping centre in Melbourne from .
QIC Active Retail Portfolio has bought Craigieburn Junction, a 25,000sqm mall located in Craigieburn.
Charles Occhinno, QIC鈥檚 fund manager in charge of core plus strategies, said: 鈥淭he acquisition of this defensive retail asset showcases QIC鈥檚 conviction in core-plus real estate asset class.鈥�
The fund鈥檚 current portfolio of around A$1.1bn covers a diversified exposure in defensive retail, industrial and office assets.
Occhino said that in the wake of the Australian government鈥檚 Your Future Your Super (YFYS) legislation, investor appetite in the core plus sector had strengthened.
鈥淕iven YFYS assesses performance against the core real estate benchmark, investors will be rewarded for taking a portion of their investment holdings in a core plus exposure,鈥� he said.
The centre offered the new owner, 鈥渃lear value-add opportunities鈥� to capitalise on, Occhino added.
bought the large format retail on completion in 2019 from Oreana Property for A$100m. The investor offered the centre for sale in June this year.
To read the digital edition of the latest 91传媒在线 magazine click here.
