MA Financial has agreed to purchase the Logan Hyperdome complex south of Brisbane for $678 million from QIC Real Estate, with plans to significantly redevelop the sprawling retail centre.

The off-market deal, brokered by CBRE’s Simon Rooney, includes the Hyperdome Shopping Centre ($523 million), Hyperdome Home Centre ($68.5 million), an office block, Loganholme Shopping Village, and development sites.

The regional complex is selling on a 7% initial yield, expected to reach approximately 7.25% once lease-up and renewal strategies are implemented.

The purchase price represents a substantial discount to the complex’s peak valuation, reflecting both redemption pressures on larger fund managers and structural shifts in the shopping centre industry.

According to fundraising documents, MA Financial plans to activate dormant space previously occupied by Myer by targeting non-retail uses for the vast area.

Bunnings has expressed interest in purchasing surplus land to develop a full-line store, which MA Financial expects will increase foot traffic.

The manager will reposition and lease up the Loganholme Shopping Village before a potential sale, and enhance the night-time experience by supporting Event Cinemas’ plans to refurbish and introduce Brisbane’s first Screen X cinema format.

Surplus land will be sold to developers to boost the precinct.

A Pacific Highway-fronting site is likely to be sold to Bunnings or retailers like Costco, while another site could expand the home centre.

The 44-hectare site in Shailer Park, with less than a quarter occupied by buildings, is positioned in southeast Brisbane’s housing growth corridor.

Hyperdome records approximately $627 million in annual turnover with 98% occupancy.

The centre is anchored by Coles, Woolworths, and Aldi, which generate over $151 million collectively.

QIC previously invested more than $70 million in improvements.

MA Financial is seeking to raise $405 million for the MA Hyperdome Town Centre Fund, which will own the entire complex representing one of Queensland’s largest and most strategic retail landholdings.

The acquisition positions MA Financial at the forefront of companies purchasing large-scale shopping centres as institutional sellers continue offloading assets.

While mid-range shopping centres specialising in essential services have already seen value recovery, larger centres remain attractively priced following the COVID-19 crisis, e-commerce disruption, and rising interest rates.

After acquiring funds house IPGeneration, MA Financial has become one of Australia’s largest integrated retail real estate platforms, managing approximately $3.7 billion in retail property with over 250 retail real estate specialists.

Leadership includes IPGeneration founder Chris Lock and industry veterans David Blight, Greg Miles, and Graham Terry.

QIC Real Estate sold the asset after facing heavy redemption pressures, though the manager has previously stated it has stabilised its platform and is focused on other large sites.