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QIC Global secures 50% stakes in 2 Melbourne malls for A$1B

Funds manager QIC Global Real Estate struck a roughly A$1 billion deal with Pacific Group of Cos. to secure a half-stake in each of the latter's two shopping centers in Melbourne, The Australian reported.

The off-market agreement brokered by Colliers International will give the government-owned real estate investor a 50% control over the Pacific Werribee and Pacific Epping malls. The deal, the paper noted, could become one of the largest retail property transactions of 2018 Down Under.

Pacific Werribee and Pacific Epping are two of Australia's largest retail properties, with respective gross lettable areas of 107,602 square meters and 68,429 square meters, according to The Australian. They are both home to hundreds of tenants including Coles, Woolworths, Target and JB Hi-Fi.

Colliers International could not be reached for comment regarding the deal, the report said.