QIC Acquires Stake in Westchester's Ridge Hill, Expanding QIC's Joint Venture with Forest City

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Feb 02, 2016, 08:42 ET

NEW YORK, Feb. 2, 2016 /PRNewswire/ -- QIC, a global diversified alternative investment firm, today confirmed that the firm has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51% stake in Westchester's Ridge Hill retail shopping center located in Yonkers, Westchester County, New York.

Steven Leigh, Managing Director of QIC Global Real Estate, said, "The agreement QIC has reached with Forest City sees us expand our interest in the attractive U.S. market, and further strengthens our relationship with Forest City, a highly experienced and long-term investor in prime real estate throughout the U.S."

"It further diversifies QIC's existing U.S. retail property portfolio, providing a unique opportunity to take a strategic stake in a quality retail asset within a tightly held institutional asset class, and provides even further geographic exposure to the East Coast," Mr. Leigh said.

This agreement with Forest City brings to 11 the total number of assets acquired by QIC on behalf of its clients. In 2015, QIC acquired a 100% stake in The Shops at Tanforan shopping center in San Bruno, California, in the San Francisco Bay area and assisted AustralianSuper in acquiring a 25% stake in Honolulu's Ala Moana Shopping Center.

Westchester's Ridge Hill is a 1,300,000 sq. ft. open-air retail shopping center located approximately 15 miles north of midtown Manhattan in Yonkers between Interstate 87 and Sprain Brook Parkway. It is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick's Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores.

Current and future entitlements allow for additional developments incorporating retail, office and residential use, which will provide significant longer-term development potential to the site.

Mr. Leigh said that the expanded joint venture with Forest City cements QIC's position as a key player in the U.S. retail property market.

"We view the U.S. retail market as being very attractive, and our existing portfolio is achieving good income growth off the back of robust retail sales, coupled with a sustained low interest rate environment.

"The continued expansion of our interests in the retail sector across the U.S. is a key element of our investment strategy, and this acquisition is a logical next step in our constructive working relationship with Forest City.

"We see further opportunities in the U.S., and our active management approach means we are constantly monitoring opportunities in the market," Mr. Leigh said.

About QIC:
QIC is one of the largest institutional investment managers in Australia, with US$57.3 billion¹ in funds under management. QIC has about 90 clients including governments, pension plans, sovereign wealth funds and insurers, spanning Australia, Europe, Asia, Middle East and the US. Headquartered in Brisbane, Australia, QIC also has offices in New York, San Francisco, Los Angeles and London. For more information, please visit: www.qic.com.

About QIC's Global Real Estate Business:
With around US$9.9 billion² invested in Australian and international retail and offices, we have developed a reputation for delivering predictable outcomes for clients over the long term.

Our team has extensive experience in deal origination and execution, asset management, leasing, marketing and development.

QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to 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 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. Please note however that some wholly owned subsidiaries of QIC have been issued with an AFS licence and are required to comply with the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the UK FCA, USA SEC, Irish Central Bank and Korean FSS.

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 London 4pm AUD/USD FX rate 0.72755 as at 31 December 2015
² QIC economic interest in AUM as at 31 December 2015 converted to AUD at Spot FX rate for offshore assets.

SOURCE QIC