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

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter