Equity investment – Runaway Bay

In 2022, the Qualitas Diversified Real Estate Fund (QDREF) acquired a 100 per cent stake in the Runaway Bay Shopping Centre on the Gold Coast.

This strongly performing subregional centre in southeast Queensland is in one of Australia’s most significant growth corridors. It benefits from a diverse tenancy mix of national supermarket anchors, discount department stores and a range of speciality stores and offers the potential for future value-add mixed-use development opportunities utilising more of the 124,700 square metre site.

The investment fits well with Qualitas’ retail strategy that focuses on convenience-based centres located in strong growth catchments that are leveraged to positive demographic trends and surrounded by residential amenity and infrastructure. Additionally, the strategy seeks assets that offer the potential for growth in both income and capital value.

The acquisition was undertaken in two transactions. In December 2021, Qualitas acquired 50 per cent of the Centre. The second 50 per cent stake was acquired in May 2022. The investment is held predominately by QDREF.