QIC was created in 1991 by the Queensland Government to serve its long-term investment responsibilities and has grown into a leading long-term investment manager in alternatives, with specialist capabilities in real estate, infrastructure, natural capital, private debt, private equity and liquid markets. Today, QIC is one of Australia’s largest institutional fund managers.
QIC is headquartered in Brisbane, Queensland, with offices in Sydney, Melbourne, New York, San Francisco, Copenhagen and London. In September 2023, QIC opened a new office in Singapore.
QIC Real Estate has, during the past 30 years, acquired and developed a substantial portfolio of dominant regional shopping centres and CBD commercial buildings.
Our Australian real estate portfolio comprises assets in Queensland, Victoria, New South Wales, South Australia, Australian Capital Territory and Western Australia.
QIC Real Estate is a registered trademark and is a business division within QIC Limited (ACN 130 539 123).
For more details on our performance, please refer to the QIC Annual Report 2023.
This report covers the physical assets owned and/or managed by QIC Real Estate in Australia, encompassing those relevant properties held under the QIC Property Fund, QIC Town Centre Fund, QIC Active Retail Property Fund, QIC Office Fund and QIC Australia Core Plus Fund.
During the reporting period, changes to our asset portfolio comprised of:
Acquisitions of core plus assets
100% of reportable assets included in this report are based in Australia, with information correct as at 30 June 2023.3
Table 17: QIC Real Estate asset portfolio overview
|Number of assets
|Commercial and other assets
|Future industrial site
Table 18: QIC Real Estate Australian asset portfolio
|30 June 2023
|Gross Lettable Area (Retail)
|Net Lettable Area (Office)
|Total Lettable Area
|Gross Assets Under Management
Note: As an unlisted company, details such as operating costs and economic value retained are commercially sensitive, and therefore excluded from this report.
1 Acquired in joint venture with Fife Capital.
2 Acquired in joint venture with Fife Capital.
3 Excludes some peripheral asset sales and acquisitions.
4 One property owned in a joint venture with Scentre Group, being Coomera Town Centre (QLD).
5 Two properties owned in a joint venture with Pacific Group of Properties being Werribee (VIC) and Epping (VIC). One property owned in a joint venture with MAB Corporation being Merrifield City (VIC).
6 Claremont Quarter (WA) is owned in a joint venture with Hawaiian.
7 Owned in a joint venture with Fife Capital.
8 Owned in a joint venture with Fife Capital.
The investment objective of both the QIC Property Fund (QPF) and QIC Town Centre Fund (QTCF) is to outperform the Australian retail real estate market by investing in a portfolio of larger income producing growth retail properties focused in and around Australia’s major cities. QPF and QTCF’s primary strategy is to acquire, develop and actively manage mainly dominant Australian retail-led town centre assets that are projected to provide (or can be positioned to provide) consistent growth over the longer term while delivering stable income returns.
At the heart of this strategy are highly productive retail-led town centre assets complemented by strong infrastructure connections (e.g. roads, parking, public transport nodes), providing a strong foundation to attract mixed-uses. Through active management, QPF and QTCF create vibrant, mixed-use destinations at the heart of each community they are located within.
QPF and QTCF are evolving their retail assets into multidimensional day and night destinations that combine commerce, health services, education, hotels and accommodation, and civic and cultural experiences, responding to the changing way people want to live, work, and shop.
By incorporating a broader mix of uses, QPF and QTCF’s town centre strategy aims to unlock embedded value and uplift productivity, while securing each asset’s long-term position within the community it serves.
The QIC Active Retail Property Fund (QARP) is a portfolio of supermarket anchored sub-regional, neighbourhood shopping centres and high-quality large format retail centres that are dominant, or have the potential to become dominant, in their trade area.
Established in June 2014, the Fund includes active management of four retail assets across Queensland, Victoria and New South Wales. This retail sub-sector offers defensive income yields with value-add opportunities through active management, leasing and gradual small-scale development.
As well as initiating submission of retail assets in our QARP portfolio for Green Star Performance Portfolio Ratings and GRESB, a number of key ESG initiatives are being progressed for this portfolio, including its most recent project on solar panels, to reach our goal of embedding environmental, social and governance considerations within all of our operational assets.
The QIC Australia Core Plus Fund (QACPF) is an open-ended diversified fund that provides institutional investors access to a portfolio of high-quality assets with defensive income yields and value add opportunities.
Applying an active management approach, QACPF has the flexibility to drive returns by adjusting its exposure across all commercial property sectors including retail, office, industrial and select alternative classes.
As well as initiating submission of retail assets in our QACPF portfolio for Green Star Performance Portfolio Ratings and GRESB, a number of key ESG initiatives are being progressed for this portfolio to reach our goal of embedding environmental, social and governance considerations within all of our operational assets.
The QIC Office Fund (QOF) currently comprises a 50% ownership of four office buildings and a development site located within the Brisbane CBD, which are predominately leased to the Queensland State Government. The portfolio is well positioned to continue to provide secure income streams and benefit from nearby projects which will enhance precinct infrastructure and amenity.