Jonathan Chancellor | 13 February 2013

John Longhurst sells his half of Logan Hyperdome to QIC

The Queensland Investment Corporation has reportedly bought entrepreneur John Longhurst’s share in the Logan Hyperdome shopping centre for about $336 million.

The Australian Financial Review reported the deal at around $350 million had been finalised reflecting a yield in the low 6% range.

RP Data shows December 18, 2012 documentation of involving $168 million transactions.

Property Observer notes it was 1990 when Longhurst paid $200 million for developer Bob Ell's then 12-month-old shopping Taj Mahal.

QIC Global Real Estate now owns the entire 82,500 square metre centre which is located south of Brisbane.

The AFR met a brickwall when QIC Global Real Estate managing director Steven Leigh declined to comment on the transaction, saying as a leading institutional investor, QIC Global Real Estate’s operations are "commercial in confidence.”

The industry bble, Shopping Centre News’ annual “Big Guns” report, the Logan Hyperdome is ranked as the 35th largest shopping centre based on a moving annual turnover of $462 million.

Mr Longhurst, whose wealth is estimated at $370 million by BRW Rich List, is the creator of Dreamworld theme park on the Gold Coast.

John Longhurst sold the half share to QIC in 1996 for about $131 million.

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