Hines Completes Acquisition of Westpoint in Sydney

Hines, a global real estate investment manager, has successfully acquired the Westpoint shopping centre located in Blacktown, Sydney, marking its first retail asset acquisition in both Australia and the Asia Pacific region. This acquisition was made in collaboration with Haben Property Fund and was purchased from the Queensland Investment Corporation Ltd (QIC). Situated in a fast-growing metropolitan area of New South Wales, the centre covers over 104,000 square meters, housing some of Australia's largest supermarket chains. The acquisition is part of Hines' strategy to harness the prevailing optimism and strong fundamentals in the retail sector. The partnership with Haben was driven by the asset's strategic location and strong performance metrics, including a high IRR. Haben's managing director, Ben Finger, expressed confidence in the market's resurgence powered by positive rent spreads and infrastructure development. For QIC, this divestment reflects the culmination of over three decades of asset management and showcases their ability to transact at opportune moments. With consumer sentiment improving, Hines sees further potential in grocery-anchored retail investments like Westpoint, as noted by David Warneford, Hines’ country head of Australia and New Zealand.