SUPER PUMPS $500M IN QIC

Written on the 16 April 2010

SUPER PUMPS $500M IN QIC

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

The funding boost will help QIC continue to acquire ‘dominant properties in population growth areas’, as global real estate head Robert Carter (pictured) 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 10,000 sqm 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

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

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