QIC acquires stake in Westchester's Ridge Hill
QIC, a diversified alternative investment firm, has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 per cent stake in Westchester's Ridge Hill retail shopping centre located in Yonkers, Westchester County, New York.
Steven Leigh, Managing Director of QIC Global Real Estate, says, "The agreement QIC has reached with Forest City sees us expand our interest in the attractive US market, and further strengthens our relationship with Forest City, a highly experienced and long-term investor in prime real estate throughout the US."
"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," says Leigh.
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 per cent stake in The Shops at Tanforan shopping centre in San Bruno, California, in the San Francisco Bay area and assisted AustralianSuper in acquiring a 25 per cent stake in Honolulu's Ala Moana Shopping Center.
Westchester's Ridge Hill is a 1,300,000 sq ft open-air retail shopping centre 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.
Leigh says that the expanded joint venture with Forest City cements QIC's position as a key player in the US retail property market.
"We view the US 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 US 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 US, and our active management approach means we are constantly monitoring opportunities in the market," says Leigh.