Property fund manager QIC has settled with IP General Holdings to sell its 50 per cent share of Westfield Helensvale in Queensland.

The property was previously held in a joint venture with Scentre Group. The shopping centre is located in the northern corridor, 45 minutes from Brisbane’s CBD.

CBRE’s head of retail capital markets Simon Rooney negotiated the deal on behalf of QIC. 

“The opportunity to acquire one of south-east Queensland’s premier convenience based sub-regional centres and the ability to partner with the asset’s joint owner were key buyer drawcards,” said Rooney.

The 43,000sqm shopping centre boasts three supermarkets – Coles, Woolworths and Aldi – along with retailers such as Kmart and Target. It has 136 specialty tenancies, six mezzanine office spaces, and a car park that can hold 2000 vehicles.