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  • Breevast sells shopping centre in San Francisco bay area

    Amsterdam/Newport Beach, CA, September 2015 - Breevast US, Inc., a Newport Beach, CA
    based 100% subsidiary of commercial real estate developer and investor Breevast B.V. based
    in Amsterdam, The Netherlands, recently sold The Shops at Tanforan shopping centre to the
    Australia-based institutional investment manager QIC for USD 174,4 million.

    The shops at Tanforan are located close to San Francisco in the San Bruno bay area, which is
    where Google, Apple, Facebook and other tech companies are located. The centre counts over
    90.000 m² of retail space and its anchor tenants include Sears, Target, J.C. Penney and
    Century Theatres. Tanforan has excellent accessibility and exposure through nearby interstate
    roads.

    Breevast acquired the asset in 1997 and completed a major renovation along with a tenant
    upgrade and a significant expansion on the shopping centre in 2005, which added great value
    to the centre. For QIC, the acquisition of The Shops at Tanforan was an excellent opportunity
    to further expand its U.S. platform with high-quality assets for its clients. With over USD 55
    billion in funds under management, QIC is one of the largest Australian institutional
    investment management firms. Tanforan was the tenth U.S. retail property QIC has invested
    into on behalf of its Australian clients over the past 18 months.
     

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