QIC Targets Retail with Debut US Fund

QIC owns the Shops at Tanforan near San Francisco, as well as stakes in several retail properties through a JV with Forest City.

NEW YORK CITY—Having already established a presence in US retail three years ago via its joint venture with Forest City Realty Trust, Australia-based QIC reportedly has begun raising its first US real estate fund. PERE reported Wednesday that the Brisbane, Australia-based alternative investment manager is targeting $750 million to $1 billion over two closes for what will be known as QIC US Shopping Center Fund, which is being marketed to existing investors.

The fund will be seeded with the Shops at Tanforan in San Bruno, CA, which QIC bought for $174.4 million this past August, as well as properties in which it owns a stake through its $2-billion JV with Forest City, according to PERE. Among QIC’s US retail holdings are four California centers: Antelope Valley Mall in Palmdale, South Bay Galleria in Redondo Beach, Promenade Temecula in Temecula and Victoria Gardens in Rancho Cucamonga; as well as Galleria at Sunset in Henderson, NV; Ridge Hill in Yonkers, NY; Mall at Robinson in Robinson Township, PA; Ballston Common in Arlington and Short Pump Town Center in Richmond, VA; and Charleston Town Center in Charleston, WV. QIC acquired the 49% stake in Ballston Common last month; Forest City manages the San Bruno property on QIC’s behalf.