L Catterton Real Estate and QIC Global Real Estate Partner to Deliver LA's Newest Mixed-Use Destination
LOS ANGELES, Aug. 1, 2019 /PRNewswire/ -- L Catterton Real Estate ("LCRE"), the real estate investment and development arm of L Catterton, the largest and most global consumer-focused private equity firm, and QIC Global Real Estate ("QIC GRE"), today announced a strategic partnership to jointly redevelop South Bay Galleria in Redondo Beach, California. As part of the strategic partnership, LCRE has acquired a 50% interest in QIC GRE's South Bay Galleria following development approval from Redondo Beach City Council in January 2019.
Together, LCRE and QIC GRE plan to transform the space into an iconic retail-led, mixed-use destination. The new development will create a true urban hub that delivers experiences and an environment the community values. The initial plans for the new project, which were co-created with the local community, include commercial and accommodation space, improved transport and bicycle connections, and substantial public space.
"We are proud to partner with QIC GRE to transform South Bay Galleria, one of the most promising real estate locations in Greater Los Angeles," said Mathieu Le Bozec, Managing Partner of L Catterton Real Estate. "QIC GRE is a like-minded, forward-thinking global real estate investor that shares our development ethos and vision for this project. We look forward to working with them to create a new South Bay Galleria all stakeholders will be proud of. Importantly, we remain committed to continuing to engage with the community throughout the entire process to ensure the development appropriately reflects the vibrant nature of the area."
"We are very pleased to close this transaction and continue to partner with LCRE, a global leader with extensive insight into retail-led, mixed-use developments, to realize our unique vision for South Bay Galleria," said Michael O'Brien, Managing Director of QIC GRE. "We are proud of the partnership forged with LCRE over a number of years and look forward to working with them to unlock the embedded value in this asset by delivering a magnetic gathering place incorporating uses that complement a dynamic retail core."
QIC GRE received Redondo Beach City Council approval for the proposed development of South Bay Galleria in January 2019. The approved plan, which incorporates the revitalization of 29.85 acres, includes:
- A hotel;
- Apartment units;
- Office space; and
- Expanded retail GLA.
About QIC Global Real Estate
We own and manage an A$22 billion1 portfolio of circa 50 retail and commercial properties across Australia and the US on behalf of our institutional investment clients. Our management and investment approach centers on creating vibrant places at the heart of communities, where people choose to be, and where they feel proud to belong. Places that build local experiences and meaningful relationships; with spaces to support each part of our lives.
About L Catterton Real Estate
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton's team of more than 180 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence and a broad thought partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.
L Catterton Real Estate seeks to generate attractive risk-adjusted returns from a select number of high quality, luxury retail-driven, mixed-use real estate developments in premium locations globally, building close and long-term partnerships with premier local developers. LCRE provides differentiated operating and strategic support to its partners, all focused on enhancing value and investment returns to the benefit of all stakeholders. Some notable projects include the Miami Design District and Ginza SIX in Tokyo, Japan.
Contact:
L Catterton
Andi Rose / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
QIC
Caroline Gentile
CNG Consulting LLC
(917) 692-5730
[email protected]
IMPORTANT INFORMATION
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 regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC Private Capital Pty Ltd ("QPC"), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the 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. 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.
The statements and any opinions in this document (the "Information") are 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 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.
1 As at 30 June 2019
SOURCE L Catterton
Related Links
http://www.lcattertonrealestate.com
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