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Image source: The Albany Crows Nest
QIC acquires The Albany Crows Nest for convenience retail strategy
Image source: The Albany Crows NestImage source: The Albany Crows NestSituated within the Willoughby Road precinct just five kilometres from the Sydney CBD, The Albany Crows Nest occupies a tightly held pocket experiencing rapid residential densification and population growth.
The centre comprises 5,294 square metres of lettable area across two levels, anchored by a full-line Coles supermarket and complemented by Liquorland, three specialty retailers, a childcare centre and car wash.
QIC Real Estate’s Charles Occhino said the transaction signalled QIC’s return to the market for high-quality convenience retail assets with the support of new and existing investors.
Re-entering the market with a clear investment mandate allows us to target stabilised, high-performing assets that are embedded in the daily lives of their communities
Charles Occhino - QIC Real Estate
“The Albany Crows Nest fits squarely within that profile as an exceptionally well-located centre with a non-discretionary anchor tenant, secure cash flows, a rapidly growing catchment and clear opportunities to drive long-term value.
“These characteristics align strongly with investor appetite and the favourable market dynamics we are seeing in convenience retail, reinforcing QIC’s conviction in supermarket-anchored convenience assets as a defensive cornerstone within diversified real estate portfolios.
“With a strong trading Coles, near-full occupancy, and reliable footfall, this acquisition delivers the essentials of our convenience retail strategy and exactly the income resilience investors are seeking.”
Mr Occhino said the acquisition also deepened QIC’s footprint in high-quality catchments across the tightly held Sydney metropolitan market, joining Pittwater Place on the Northern Beaches.
Backed by new partnerships with the Clean Energy Finance Corporation (CEFC) and Prime Super alongside existing investors, QIC is targeting a significant expansion of its convenience retail strategy over the coming 12 months.
Existing assets within QIC’s ~A$526 million convenience retail portfolio include:
QIC’s dedicated Capital Transactions team have identified a curated pipeline of assets aligned to the convenience retail strategy, with further acquisitions to enhance income, occupancy, diversification and liquidity.
QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager, and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (QLD). QIC is also regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Other wholly owned subsidiaries of QIC do hold AFS licences and are required to comply with relevant provisions of the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority (“FCA”), the United States Securities and Exchange Commission (“SEC”) and the Korean Financial Services Commission. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly. For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly. The statements and any opinions in this document (the “Information”) are of a general nature and for commentary purposes only and do not take into account any investor’s personal, financial or tax objectives, situation or needs. The Information is not intended to constitute and should not be relied on as personal legal or investment advice and it does not constitute, and should not be construed as, an offer to sell or solicitation of an offer to buy, securities or any other investment, investment management or advisory services.
