QIC Real Estate has acquired Mambourin Marketplace in Melbourne’s western suburbs for $53.87 million, marking the second acquisition in less than 12 months for its refreshed QIC Everyday Retail Fund (QERF) and the Fund’s first investment in Victoria.
The acquisition builds on QERF’s recapitalisation last year and advances QIC’s strategy to recycle proceeds from industrial divestments into high-quality everyday retail assets across key metropolitan growth markets.
Opened in September 2025 by Frasers Property Australia, the 7,500 sqm Mambourin Marketplace is anchored by a full-line Coles and complemented by 25 specialty stores and a medical precinct, providing a strong mix of essential retail and services.
QIC Real Estate Fund Manager – Core Plus Strategies, Charles Occhino, said the acquisition demonstrated QERF’s disciplined approach to deploying capital as competition for high-quality convenience retail remained strong.
“This is another step forward for QERF, representing our first acquisition in Victoria and the redeployment of capital following recent industrial divestments,” Mr Occhino said.
“We have remained selective on deployment with a clear focus on opportunities where pricing, asset quality and long-term fundamentals align with the Fund’s strategy, centred on disciplined portfolio growth.
“Mambourin Marketplace is highly consistent with the type of everyday retail exposure we are pursuing, combining resilient supermarket-anchored income with exposure to a catchment relatively early in its growth trajectory.
“The centre is forecast to service a main trade area upwards of 90,000 locals by 2036 and forms the first stage of a broader town centre precinct. This provides exposure to a sustained residential development and population growth across Melbourne’s west, supporting the potential for income growth as the catchment matures.”
Mr Occhino said the defensive characteristics of everyday retail were increasingly relevant in a higher interest rate environment.
“As consumers become more deliberate about discretionary spending, demand for everyday essentials remains resilient as we’re seeing across our portfolio. Supermarket sales and footfall reinforce the through-cycle characteristics we look for in high-quality, non-discretionary retail assets.”
The acquisition follows QERF’s purchase of The Albany Crows Nest on Sydney’s lower North Shore in December 2025 and builds on an existing portfolio comprising Pittwater Place in Sydney’s Northern Beaches, Big Top Shopping Centre on the Sunshine Coast, Kippa-Ring Shopping Centre in Moreton Bay, The Village Upper Mount Gravatt and Forest Lake Shopping Centre in Brisbane, and Nerang Mall on the Gold Coast.
QIC continues to assess a pipeline of opportunities aligned with its Everyday Retail strategy, with a focus on disciplined capital deployment and selectively diversifying the portfolio.
Related Articles
