SYDNEY, Feb 3 (Reuters) - Australian investment fund QIC Ltd QINVE.UL said on Wednesday it has agreed to buy a majority stake in a U.S. shopping centre and other development rights, in a deal valued at about $750 million
Queensland state-owned QIC is acquiring a 51 percent interest in a retail shopping centre in New York state from Forest City Realty Trust FCEa.N , the fund said in a statement, its eleventh U.S. acquisition.
"It further diversifies QIC's existing U.S. retail property portfolio, providing a unique opportunity to take a strategic stake in a quality retail asset within a tightly held institutional asset class, and provides even further geographic exposure to the U.S. East Coast," said Steven Leigh, managing director of QIC Global Real Estate.
QIC did not put a value on the deal, which an industry source said was worth about $750 million.
QIC is one of the largest institutional investment managers in Australia with around A$79 billion ($56 billion) in funds under management. It has around A$13.7 billion invested in Australian and international retail and offices.