The Shops at Northfield has been sold to Queensland Investment Corporation (QIC), a large investment company owned by the Queensland, Australia government. In response to a Front Porch email inquiry about their plans for the shopping center, Steven Leigh, Managing Director of QIC Global Real Estate, replied, “…we take an active approach to managing our properties to provide a vibrant destination offering lifestyle, entertainment and dining experiences, in addition to fantastic retail. Our guiding philosophy centers on creating places at the heart of their communities, and we look forward to becoming part of the community in Northeast Denver.”
The two companies have had a partnership since 2013 and expect a smooth transition. Northfield, with 1.1 million square feet, is part of a $3.18 billion deal—a 10-mall purchase of Forest City’s share in the malls.
A Forest City press release states that The Shops at Northfield Stapleton is the first mall to close as part of the larger QIC transaction. Sales of five additional malls to QIC are expected to close by year end.
QIC is one of the largest institutional investment managers in Australia, with $62.9 billion in funds under management, over 700 employees and 110 clients in multiple countries.