$500m boost for QIC

Written on the 1 February 2011

MAY 2010

AUSTRALIANSUPER has given a vote of confidence to the Queensland Investment Corporation (QIC) with a $500 million investment in the QIC Property Fund (QPF).

The funding boost will help QIC continue to acquire ‘dominant properties in population growth areas’.

Global real estate head Robert Carter points to regional shopping centres as a key focus.

“We are actively managing our portfolio and will continue to investigate opportunities in South East Queensland due to its strong economic conditions and population growth,” he says.

“Although we closely monitor short term fluctuations in the market, the QIC Property Fund is focused on developing and managing long-term strategies and does this in a very considered and disciplined manner.”

Carter welcomes the cornerstone investment by AustralianSuper, highlighting a strong alignment in strategies.

Work has recently been completed on QPF’s 10,000sqm new office building at 140 Elizabeth Street, which is leased to the Australian Tax Office (ATO).

“The commitment by AustralianSuper demonstrates a vote of confidence in QIC GRE’s (global real estate) management and growth strategy and recognises the quality of the QIC Property Fund and our investment objectives are closely aligned.”

Carter says it is too early to comment on specific plans or future improvements on the portfolio’s existing properties.

AustralianSuper chief investment officer Mark Delaney says the investment comes as the fund looks to reweigh its portfolio to include the lucrative local retail market.

“The opportunity to invest in a portfolio of assets of this quality is extremely rare and we are delighted to be able to increase our holdings in the sector, particularly in regional shopping centres, which have provided high relative returns with low volatility over the past 20 years,” he says.

AustralianSuper’s investment in QPF will make up 15.2 per cent of its total property portfolio, increasing its total fund exposure by 1.6 percentage points.


Latest News

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm D...

EXCLUSIVE INTERVIEW: MEGAPORT CEO VINCENT ENGLISH ON GLOBAL EXPANSION AND HOW TO SCALE UP A BUSINESS

THE RAPID expansion of Megaport (ASX: MP1) continues with the Brisbane-based company announcing a major partnership d...

BRISBANE ENTREPRENEUR BREAKS BARRIERS IN ECO-BUSINESS

TRACEY Bailey believes that if every person understood the true social and environmental cost of every product the...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter