QIC Real Estate has acquired Mambourin Marketplace in Melbourne’s western suburbs for $53.87 million.
Opened last September by Frasers Property Australia, the 7500sqm centre is anchored by a full-line Coles and complemented by 25 specialty stores and a medical precinct.
This marks the second acquisition in less than 12 months for the refreshed QIC Everyday Retail Fund (QERF), following its purchase of The Albany Crows Nest on Sydney’s lower North Shore last December. It is also the fund’s first investment in Victoria.
The deal builds on QERF’s recapitalisation last year and advances QIC’s strategy to recycle proceeds from industrial divestments into high-quality retail assets across key metropolitan growth markets.
“We have remained selective on deployment with a clear focus on opportunities where pricing, asset quality and long-term fundamentals align with the fund’s strategy, centred on disciplined portfolio growth,” said Charles Occhino, QIC’s fund manager – core plus strategies.
“Mambourin Marketplace is highly consistent with the type of everyday retail exposure we are pursuing, combining resilient supermarket-anchored income with exposure to a catchment relatively early in its growth trajectory.”
According to Occhino, the centre is forecast to serve a main trade area of upwards of 90,000 locals by 2036, forming the first stage of a broader town centre precinct.
The deal builds on QERF’s existing portfolio comprising Pittwater Place in Sydney’s Northern Beaches, Big Top Shopping Centre on the Sunshine Coast, Kippa-Ring Shopping Centre in Moreton Bay, The Village Upper Mount Gravatt and Forest Lake Shopping Centre in Brisbane, and Nerang Mall on the Gold Coast.
“As consumers become more deliberate about discretionary spending, demand for everyday essentials remains resilient, as we’re seeing across our portfolio. Supermarket sales and footfall reinforce the through-cycle characteristics we look for in high-quality, non-discretionary retail assets,” added Occhino.
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