L Catterton Real Estate and QIC Global Real Estate announced a strategic partnership to jointly redevelop South Bay Galleria in Redondo Beach, California.
As part of the strategic partnership, L Catterton Real Estate has acquired a 50% interest in QIC Global Real Estate s South Bay Galleria following development approval from Redondo Beach City Council in January 2019.
Together, LCRE and QIC GRE plan to transform the space into an iconic retail-led, mixed-use destination. The new development will create a true urban hub that delivers experiences and an environment the community values. The initial plans for the new project, which were co-created with the local community, include commercial and accommodation space, improved transport and bicycle connections, and substantial public space.
“We are proud to partner with QIC GRE to transform South Bay Galleria, one of the most promising real estate locations in Greater Los Angeles,” said Mathieu Le Bozec, Managing Partner of L Catterton Real Estate. “QIC GRE is a like-minded, forward-thinking global real estate investor that shares our development ethos and vision for this project. We look forward to working with them to create a new South Bay Galleria all stakeholders will be proud of. Importantly, we remain committed to continuing to engage with the community throughout the entire process to ensure the development appropriately reflects the vibrant nature of the area.”
“We are very pleased to close this transaction and continue to partner with LCRE, a global leader with extensive insight into retail-led, mixed-use developments, to realize our unique vision for South Bay Galleria,” said Michael O’Brien, Managing Director of QIC GRE. “We are proud of the partnership forged with LCRE over a number of years and look forward to working with them to unlock the embedded value in this asset by delivering a magnetic gathering place incorporating uses that complement a dynamic retail core.”
QIC GRE received Redondo Beach City Council approval for the proposed development of South Bay Galleria in January 2019. The approved plan, which incorporates the revitalization of 29.85 acres, includes:
- A hotel;
- Apartment units;
- Office space; and
- Expanded retail GLA.
About QIC Global Real Estate
We own and manage an A$22 1 billion portfolio of circa 50 retail and commercial properties across Australia and the US on behalf of our institutional investment clients. Our management and investment approach centers on creating vibrant places at the heart of communities, where people choose to be, and where they feel proud to belong. Places that build local experiences and meaningful relationships; with spaces to support each part of our lives.
About L Catterton Real Estate
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 180 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence and a broad thought partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault.
L Catterton Real Estate seeks to generate attractive risk-adjusted returns from a select number of high quality, luxury retail-driven, mixed-use real estate developments in premium locations globally, building close and long-term partnerships with premier local developers. LCRE provides differentiated operating and strategic support to its partners, all focused on enhancing value and investment returns to the benefit of all stakeholders. Some notable projects include the Miami Design District and Ginza SIX in Tokyo, Japan.
Source: L Catterton Real Estate