A message from our Managing Director, QIC Real Estate — Deborah Coakley
This past year has been my first as Managing Director of QIC Real Estate and I am incredibly proud of the progress we have made across our portfolio. I have always believed that strong investment performance and meaningful sustainability outcomes go hand in hand — when we do sustainability well, it creates lasting commercial outcomes for our investors and value for our partners and the communities we serve.
A key highlight during FY25 was our conversion of A$3.75 billion of bank loans into Sustainability-Linked Loans (SLLs) for the QIC Property Fund (QPF) and QIC Town Centre Fund (QTCF). To then have this recognised internationally as Sustainability-Linked Loan of the Year — Financial Institution at the Environmental Finance Sustainable Debt Awards 2025 was a proud moment for the team. It was also one of the largest real estate investment trust (REIT) SLLs to come to market in Australia in recent years — clear evidence of the leadership role we are playing in capital markets to drive sustainability outcomes.
Our sustainability credentials and approach supported us to attract new strategic capital in September 20251. This underscores the confidence others share in our vision and ability to execute.
The environmental performance of QIC Active Retail Property Fund (QARP) was recognised in the NABERS Sustainable Portfolios Index 2025 Shopping Centre category, ranking No. 1 and achieving a 5.9 Star (out of 6) Energy rating. This follows the Fund achieving its Net zero carbon emissions (Scopes 1 and 2) target2 last year, four years ahead of time.
Of course, sustainability is also about people and place. This year, QIC Real Estate contributed $1.8 million3 to our communities Australia wide through cash, time, in-kind contributions and management-related efforts. These investments make a difference to the communities in which we operate and aim to foster more connected people and places around our assets.
Demonstrating our proactive commitment to addressing modern slavery in the cleaning sector, we obtained Cleaning Accountability Framework (CAF) certification at six additional assets across our Real Estate portfolio during the year, bringing our total CAF-certified QIC Real Estate assets to 13. By expanding our CAF certifications, we are strengthening our safeguards against labour exploitation and supporting continuous improvement throughout our supply chain.
Taken together, these results highlight the strength of our ESG strategy and the importance of the partnerships that enable us to deliver it. As we look ahead to FY26, our focus is on continuing this momentum — building and managing a portfolio that is sustainable, resilient and delivers value for our investors.
I am very pleased to present our 2025 Real Estate Sustainability Report.
Deborah Coakley
Managing Director, QIC Real Estate
2025 report highlights
1 Finalised outside of the reporting period, but the culmination of efforts from across the Real Estate business throughout FY25.
2 QARP has achieved its target early, which is confirmed annually via Climate Active certification (using a NABERS base building pathway) and definition of operational carbon emissions which includes Scope 1, Scope 2 and some Scope 3.
3 QIC Real Estate uses the Business for Societal Impact (B4SI) framework to measure our collective financial and non-financial contributions, is a member and pays an annual fee. B4SI is a standard framework recognised and used by leading global organisations to report on their social impact, with elements embedded in indices such as the S&P Corporate Sustainability Assessment (CSA) and the Global Reporting Initiative (GRI) standards.
4 SPI-2025: Offices & Shopping Centres | NABERS.
5 Environmental Finance: LinkedIn.
6 In August 2025, the QACPF Unitholders approved a change of investment strategy to a retail-only strategy and the Trustees commenced the process to divest any non-retail assets and change the name of the Fund from QACPF to QIC Everyday Retail Fund (QERF). From 1 July 2026, the Fund will formally change its name to QERF and change its benchmark to MSCI/Mercer Australia Core Wholesale Monthly Property Fund Index, Retail Funds, NAV Weighted, Post Base Fee (incl QIC) to reflect the new investment strategy.
7 Finalised in September 2025, which was outside of the reporting period, but the culmination of efforts from across the Real Estate business throughout FY25.
8 QARP has achieved its target early, which is confirmed annually via Climate Active certification (using a NABERS base building pathway) and definition of operational carbon emissions which includes Scope 1, Scope 2 and some Scope 3.
9 Our community contributions for FY25 have been assured by Business for Societal Impact (B4SI). QIC Real Estate is a member of B4SI and pays an annual fee.
10 Nutrition Australia (Vic) transitioned to become National Nutrition Foundation in August 2024. Since January 2025 the program has been delivered exclusively in partnership with YMCA, which has enabled more efficient delivery and resulted in an increased number of participants.
11 Refer to Community Investment section of this report for more details.
12 Refer to Our Progress section for details on our sustainable value chain, including reference to the Cleaning Accountability Framework.
2025 case studies2025 case studies
