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Queensland Investment sells Australian mall for A$250M

Queensland Investment Corp. sold the Noosa Civic mall on the Sunshine Coast in Queensland, Australia, for roughly A$250 million to property developer Mark Stockwell, The Australian Financial Review reported.

Colliers International brokered the transaction, which reflected a yield of 6%. Stockwell originally owned the shopping center and sold it to Queensland Investment in 2012 for approximately A$200 million, according to the Aug. 30 report.

The 30,000-square-meter center, which sits on a more than 31 hectares, was held jointly by QIC Global Real Estate's QIC Property Fund and the QIC Shopping Centre Fund, the publication added.