WA-based property group, Hawaiian is under contract to acquire QIC’s 50% share of Claremont Quarter, making Hawaiian the sole owner of the centre.
This pending acquisition underpins Hawaiian’s strong confidence in the future of the centre and its commitment to creating thriving communities, with the exciting new Laneway precinct also set to be completed later this year.
QIC’s 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 divestment of Claremont Quarter further showcases QIC’s ability to deliver successful transactions on behalf of investors.
“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.
Richard Kilbane, COO of Hawaiian, said, “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. Their contributions have been instrumental in helping to shape Claremont Quarter into the vibrant centre it is today.”
“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.
Settlement is expected to be completed by late October 2024.
Hawaiian and QIC are committed to ensuring a smooth transition during the settlement phase.
Hawaiian has been responsible for the on-ground management of the centre since its construction and will seamlessly continue to offer the same high-quality services to the community.
