Hawaiian to buy Claremont Quarter stake

Hawaiian is set to acquire a 50 per cent stake in Claremont Quarter from global fund manager QIC, making it the full owner of the retail asset.

The Perth-based family office has today announced it is under contract to acquire the half stake, following QIC’s announcement in June it was looking to sell down its stake.

A price has not been revealed for the acquisition, but industry sources say the stake is worth more than $200 million.

Hawaiian said the pending acquisition underpinned the company’s confidence in the future of the centre and its “commitment to creating thriving commnuitities”.

The business is part way through an overhaul of the laneway outside Claremont Quarter, expected to be complete later this year.

QIC Director of real estate capital markets James Doneley said the divestment of Claremont Quarter further showcased QIC’s ability to deliver successful transactions on behalf of investors.

“The strong response to our Expression of Interest campaign in the past fortnight demonstrates that confidence is returning to the broader retail sector,” he said.

“Against this backdrop, we will continue to execute on market opportunities which drive strong performance for our investors.”

Hawaiian chief operating officer Richard Kilbane said QIC’s partnership, over the past 11 years, was instrumental in transforming Claremont Quarter into what 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,” he said.

The deal is expected to settle by late October.