
The deal marks the largest single transaction of an Australian mall (Image: Westpoint Shopping Centre)
A joint venture of US property giant Hines and Australian fund manager Haben has agreed to acquire a western Sydney mall from the Queensland Investment Corporation for A$900 million ($605 million).
The sale of Westpoint Shopping Centre represents the largest-ever single transaction of an Australian retail asset, according to Colliers, which represented state-backed QIC in the sale and on Tuesday confirmed the deal value to Mingtiandi.
The mall in the Blacktown suburb contains 94,914 square metres (1 million square feet) of gross leasable area across 254 retail shops and anchor stores. The involvement of Houston-based Hines makes the deal subject to approval by Australia’s Foreign Investment Review Board.
“The asset possesses all the key attributes investors are seeking: a large Sydney metro landholding, proximity to major roads, and co-location with a train station and bus interchange,” said Lachlan MacGillivray, managing director for Asia Pacific retail capital markets at Colliers.
New Benchmark
Upon completion, the transaction will eclipse the A$800 million sale of a half-stake in Brisbane’s Indooroopilly Shopping Centre seven years ago. The agreed price for Westpoint translates to A$9,482 ($6,378) per square metre of GLA.

Michael Fattouh of the Queensland Investment Corporation
The deal also marks the first 100 percent interest in a regional shopping centre to be transacted in Sydney’s metro area since Blackstone bought Top Ryde for A$341 million in 2012, according to Colliers. The US private equity giant continues to hold Top Ryde after reportedly putting the suburban mall up for sale in 2018 at A$700 million.
Westpoint was acquired in the early 2000s by QIC, which expanded the 1973-vintage mall in 2006 and entered talks to sell the asset in June of this year.
The Australian newspaper reported in July that privately held Hines was seeking to raise A$260 million in equity to back the Westpoint venture, with Haben as manager contributing A$210 million and a further A$50 million to come from wealthy local investors.
Sydney-based Haben, founded by father-and-son team Harold and Ben Finger, has A$2 billion in funds under management across 12 retail assets along Australia’s eastern seaboard.
“Westpoint Shopping Centre is a significant asset offering core retail and mixed-use zoning in one of Sydney’s fastest-growing metro areas,” said managing director Ben Finger. “This acquisition presents a strategic opportunity to partner with Hines on their first Australian retail acquisition, establishing one of the largest retail partnerships in Australia.”
More Retail Disposals Eyed
Hines declined to comment on the deal when contacted by Mingtiandi. In Australia, the US developer most recently acquired two build-to-rent projects in Brisbane alongside the Ontario Teachers’ Pension Plan.
For QIC, the Westpoint disposal is reflective of performance driven by 34 years of active management, said Michael Fattouh, the manager of QIC Town Centre Fund, which jointly owns the mall with QIC Property Fund.
“From introducing an integrated bus station to revitalising the fresh food market and delivering a new dining and entertainment precinct, we are immensely proud of Westpoint’s evolution, and it is only fitting that its sale is the retail deal of the year,” Fattouh said.
QIC is also looking to sell the Woodgrove Shopping Centre in Melbourne, with that mall expected to fetch A$500 million, the Australian reported earlier this month. The fund manager’s half-stake in Perth’s Claremont Quarter is seeking a buyer as well.
Brisbane-based QIC manages more than A$100 billion in assets, including a A$14.5 billion real estate portfolio.
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