QIC’s Shopping Centre Fund (QSCF) has welcomed the Clean Energy Finance Corporation (CEFC) into the Fund’s investor base, with an AUD80 million equity investment.
Managing Director of QIC Global Real Estate, Michael O’Brien, said: “This is an important milestone for QSCF, enabled by QIC GRE’s commitment to driving environmental performance across its Australian retail portfolio, in alignment with the Fund’s investor-endorsed strategy.
“Our strong relationship with the CEFC, and our ongoing focus on continuous improvement in ESG performance, assists us in our active pursuit of becoming a market leader in achieving net zero emissions across our Australian retail portfolio.
“In alignment with this objective, we are delivering tangible sustainability improvements such as upgrades and automation of centre plant and equipment, installation of LED lighting and the portfolio-wide roll out of PV solar technology.”
QSCF is one of QIC GRE’s flagship investment vehicles, with interests in retail assets across Australia valued at circa AUD15 billion (as at December 2019).
QSCF Fund Manager, Michael Fattouh, said: “The CEFC’s substantial equity investment into QSCF is a result of a three-year-long relationship, commencing in 2017 with a $200 million debt facility, repaid in 2020, and bolstered in 2019 via CEFC’s $30 million cornerstone investment into QSCF’s world-first retail Climate Bond certified green bond.”
CEFC CEO Ian Learmonth welcomed the strong focus on emissions reduction being embraced across the assets of QSCF.
“We need to take action across all areas of our economy if we are to reduce our carbon footprint, from renewable energy to energy efficient buildings,” Mr Learmonth said. “Shopping centres are very large energy users, which means they offer significant potential for emissions reduction.
“We are delighted to continue our work with QSCF in implementing a range of high impact sustainability initiatives to its considerable retail portfolio which will deliver lower operating costs.
“Through this equity investment with QIC, the CEFC is also able to work alongside like-minded investors who recognise the benefits of developing resilient assets as part of the pathway towards net zero emissions.”
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We own and manage an A$20.6 billion1 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 centres 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.
QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$83 billion (US$58 billion) in funds under management1. QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com
1 As at 31 December 2019
QIC Media Contact
Marc Joshi
Head of Stakeholder Relations and Communications
QIC Global Real Estate
Mobile: 0424 649 591 Email: m.joshi@qic.com
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