Loganholme’s Hyperdome has received a bid of close to $700 million after two years on the market, according to media reports.
Queensland Investment Company (QIC), an investment management company owned by the state government, took full ownership of the Hyperdome in 2013 after acquiring 50% of the centre in 1996.
In 2020, the Hyperdome’s North Mall was renovated, existing stores were upgraded, and new stores were added to the centre.
According to realestate.com, the Hyperdome’s 44ha site has 181 stores and attracts close to 9.2 million visitors every year.
A spokesperson for QIC acknowledged the company was in the process of selling the Hyperdome but could not provide further details due to “confidentiality provisions.”
“QIC is currently engaged in a process with the intention of divesting Hyperdome in line with client-endorsed strategies,” a QIC spokesperson said.
The bid was placed by MA Financial Group’s IP Generation business.
MA Financial is a Sydney-based global asset manager that acquired IP Generation, a Melbourne-based specialist real estate investment management firm, for $90.4 million in May this year.
Together, MA Financial and IP Generation own three shopping centres, including Glendale City Centre in New South Wales, and David Jones Bourke Street and Cranbourne Park, both in Victoria.
IP Generation also placed a bid for Top Ryde Shopping Centre in Sydney’s north-west, which is currently being sold for more than $500 million by private equity house Blackstone.
