The shortage of social and affordable housing continues to affect communities across Queensland. In response, QIC partnered with Brisbane Housing Company Limited (BHC) in August 2024, in response to a Queensland Government funding program, where the partnership was successful in gaining funding support, to deliver approximately 600 new social and affordable homes across seven sites in southeast Queensland. This long-term initiative is supported by financing from Housing Australia and Australian Retirement Trust (ART), through a QIC-managed entity, and underpinned by funding from the Queensland Government.

This collaboration between QIC, BHC, ART, Housing Australia and the Queensland Government is a demonstration of the impact we can create by bringing together specialised expertise, resulting in the creation of homes for vulnerable Queenslanders.

QIC is structuring the financing for the new homes, with ART, one of Australia’s largest superannuation funds, committing up to $150 million to support the first stage to create approximately 600 dwellings via debt funding. Additional debt funding is being provided by Housing Australia. As investment manager, QIC is enabling institutional capital to flow into a sector traditionally underserved by private investment. BHC, one of Queensland’s leading community housing providers, is responsible for delivering and operating the homes.

BHC is a Tier 1 registered community housing provider with a strong track record of delivering affordable, accessible, and low-maintenance homes for Queenslanders in need. Most homes in the QSHF portfolio meet the Livable Housing Design Guidelines, with many designed to meet the standards of Gold or higher, ensuring safety and accessibility for residents. BHC also prioritises sustainable design, targeting a seven-star NatHERS energy rating and utilising features like water saving devices, rooftop solar to reduce carbon emissions associated with communal electricity use and low VOCs (volatile organic compounds). Explore their full impact in the Impact Report - BHCL. 

Social and affordable housing provides subsidised rental accommodation for households unable to access the private market.

• Social housing targets very low-income households, often at risk of homelessness. Rent is set at no more than 30% of household weekly income⁶⁴.
• Affordable housing supports low to moderate income earners, including essential workers, with rents discounted to approximately 75% of market rental rates⁶⁴.

This model ensures housing remains accessible while supporting long-term tenancy stability.

The program is structured for a staged delivery through to mid-2027. Key milestones delivered to date include:

• FY25: Contractual Close achieved and the first site at Chermside comprising 34 dwellings, was completed and fully tenanted by mid-April 2025.

Future milestones targeted include:

• FY26: 256 dwellings across three sites are targeted for completion by November 2025; and 
• Future delivery: 314 dwellings across the remaining three sites are scheduled for completion in 2027. 

Queensland faces a critical housing shortage, with demand far outpacing supply. Traditional funding models have struggled to attract institutional capital at scale due to thin margins and limited long-term viability. This initiative demonstrates that — with the right structure and support — private investment can play a transformative role in expanding housing access.

QIC, via the Qld Social Housing Fund is now delivering tangible outcomes. Purpose-built dwellings are being constructed to provide long-term housing security for hundreds of Queenslanders. This initiative sets a precedent for institutional investment in social infrastructure, proving that financial returns and social impact can go hand in hand.

QIC is proud to have co-created this innovative residential model and is deeply grateful to its partners for their shared commitment. Together, we are not only delivering homes — we are supporting government policy objectives, and demonstrating how institutional investors can be part of long-term solutions to Australia’s housing challenges.

Click here for a short video on our first site.

Our Community Investment Program is delivered across our retail and office assets, and is focused on the flagship theme of physical health and wellbeing. This strategic focus area was selected following extensive evidence-based research that identified it as the most materially relevant need across many of the communities in which our assets are located. The program is based on the idea that by introducing consumers and visitors to our properties to healthy eating practices and exercise through activations within our assets, we might educate and change behaviours, potentially reducing the likelihood of our community members developing longer-term chronic illnesses.

This theme also responds to growing consumer trends and preferences. Internal analysis has shown significant income growth from our retail tenants with a balance towards healthy or health-related offerings across our portfolio over the past decade. Historical research conducted in partnership with McCrindle Research has also confirmed QIC’s observations that shopping centres play a vital role in the physical and mental wellbeing of local communities through the products and services they offer, and the opportunities for social connection they provide. As part of this research, in 2022 a survey of more than 4,400 shoppers⁶⁵ explored the influence the ‘Self-Improvement and Wellbeing’ consumer megatrend is having on purchasing decisions today, and the implications for the retail landscape into the future. The results confirmed that QIC customers are more likely to prefer engaging in self-improvement and wellbeing activities at a QIC centre compared to at home⁶⁶. These results reinforce our observations and research that physical wellbeing is an important priority for QIC shopping centre customers. Delivering programs within our assets targeted at improving physical activity and diet therefore provides us with the opportunity to amplify the customer experience and drive positive commercial results across our asset portfolio.

To deliver our Community Investment Program, we entered a joint partnership with Nutrition Australia⁶⁷ and YMCA in early 2022 to co-design and roll out the Wellness Challenge program across key assets within the portfolio. Nutrition Australia is the country’s leading nutrition not-for-profit organisation, providing information, education, and business-to-business consultation and advisory services to help individuals achieve improved health through good nutrition. YMCA is the largest global youth movement with a shared purpose of empowering young people. In Australia, YMCA provides a wide range of programs and services to people of all ages, including activities focused on increasing physical activity. 

Program delivery in FY25  

During FY25, the Wellness Challenge program was further modified to ensure more efficient delivery, capture additional participants and drive greater change, and was delivered exclusively in partnership with YMCA during the second half of the year. 

The program is delivered free of charge to participants in a judgement-free and welcoming environment to attract those less likely to be eating well and exercising regularly to get involved, and provides participants with a nutrition and exercise program to help them make long-term, informed choices about their health and wellbeing. During FY25 the Wellness Challenge:

• Ran between four and six weeks⁶⁸ across nine different activations at the assets listed in the table below, commencing with an in-person Wellness Hub, where participants had a body composition scan followed by a dedicated 1:1 session with a personal trainer and nutritionist⁶⁹ to develop a personalised plan for the challenge. 
• Included access to an innovative Wellness App to help keep them on track, as well as a range of resources and tailored live online sessions throughout the challenge. 
• Was rounded out with another in-person Wellness Hub in the final week, delivered at each centre where participants had a follow-up body composition scan to understand their progress, and discuss next steps in a 1:1 session with a personal trainer and nutritionist⁶⁹.
• Accommodated community members not participating in the Wellness Challenge at Wellness Hubs through walk-up body scans, followed by a brief chat with a personal trainer and nutritionist⁶⁹ to understand how they might improve their physical health. Nutrition information sheets, recipes and food samples were also available to customers.

Wellness Challenge at Watergardens, VIC

In addition to the Wellness Challenge held at our shopping centres, YMCA and Nutrition Australia⁷⁰ delivered one-day Wellness Hub pop-ups at three of our office assets (refer to the table below for a list of office assets). Tenants working in these buildings were provided the opportunity to engage via body scans, followed by a brief chat with a nutritionist and personal trainer to provide insights on how they could improve their physical health. They also had access to nutrition information sheets, recipes and food samples.   

Our Community Investment Program was popular with the community and successful in delivering improved physical health outcomes for participants.   

During FY25, a total of 911 people participated in QIC Real Estate’s Wellness program across 12 different activations at the assets listed in the table below. This included 433⁷¹ people who participated in the Wellness Challenge, and a further 478 customers who had a one-off body composition scan and brief session with a personal trainer and nutritionist⁶⁹.

Wellness Challenge at Forest Lake, QLD 

Several impacts⁷² were evident for participants in the Wellness Challenge. Overall, quantifiable improvements were seen in people’s physical wellbeing as a result of their participation. Data collected from the two body composition scans conducted at week one and in the final week of the Wellness Challenge provided insight into direct body changes over the course of the program, with many participants having reductions across all four datapoints (bio age, body fat mass, BMI and visceral fat level). Improvements in understanding of nutrition and health were also reported. Specifically:

• The aggregate reduction in body fat mass⁷³ indicated that 62% of the participants who completed the Wellness Challenge experienced a reduction in body fat mass, demonstrating a measured change in participants' physical health through their participation.
• Post-program survey data also revealed that the percentage of participants who responded to the survey who consumed at least three serves of vegetables per day increased dramatically from 31% before the Wellness Challenge to 72% afterwards, suggesting a significant improvement in self-reported dietary habits across the participant group throughout the program. 85% of the Wellness Challenge participants who completed the post-Challenge survey ‘Strongly Agreed’ or ‘Agreed’ that participation in the Wellness Challenge had increased their knowledge, motivation and confidence in relation to exercise and nutrition.   

Wellness Hub at 54 Mary Street, QLD 

Overall, the Wellness Challenge received an overwhelmingly positive response, with community members’ survey reactions showing strong support for assets to deliver more physical wellbeing-related initiatives in the future.  

“The information I received has been enormously helpful. I really can’t put it into words. The sound advice and super easy-to-implement changes have had a dramatic improvement on my health in just six weeks. I feel like a whole new person.” Wellness Challenge participant 

Table 9: QIC Real Estate assets participating in the Community Investment program in FY25⁷⁴

A bespoke measurement framework for the program, based on a theory of change and using a Social Return On Investment (SROI) methodology, has been developed with support from Deloitte and is being evolved as we mature the program’s delivery. This has allowed us to understand the program’s success and identify any opportunities to improve activation design along the way, ensuring we continue to drive measurable positive impacts aligned with the program’s objectives. 

QIC Real Estate uses the Business for Societal Impact (B4SI) Framework⁷⁷ to measure our community contributions. The B4SI Framework is a globally recognised best practice measurement standard that enables companies to understand the difference their contributions make to their business and society. FY25 is the fifth year we have used the B4SI Framework for our community investment reporting.

In FY25, we contributed over $1.8 million to our communities through a mix of cash, time, in-kind contributions and management-related efforts across the portfolio to deliver community initiatives⁷⁸.

Figure 17: QIC Real Estate total community contributions FY21 to FY25 

Contributions have changed over time and our analysis suggests this could be for the following reasons:

• We note that capturing community contributions data in line with B4SI’s detailed framework was new for team members when we commenced using this methodology in 2021. As a result, it is probable that less activity was being captured than what was actually delivered in earlier years. Data capture has matured over time and we have observed a greater percentage of total activity being reported in more recent years.
• During FY25, QIC Real Estate has divested some assets, which may explain why total contributions are slightly lower than in previous years.

Contributions for FY25 were spread over several organisations, supporting a variety of local community focus areas at each asset. Community initiatives included the delivery of activations related to our multi-asset Community Investment Program, in-centre fundraising activations, donations to local hospitals and schools, food drives, charity gift wrapping services and gift card donations.  

Community activities delivered via our assets seek to be interactive and highly engaging for targeted audiences, enabling us to forge strong connections with our local communities and trade areas. Our community activity goes well beyond financial support and fundraising, with targeted initiatives such as Coffee with a Cop and Watergardens Community Day, enabling our customers to engage with a diverse range of local community organisations and emergency services providers, and allowing us to highlight that safety at our centres is a top priority. 

Figure 18: FY25 B4SI community focus areas⁷⁹ 

In FY25, the health category continued to be the largest contribution area across the portfolio, making up 45% of total cash, time and in-kind contributions. This aligns with the theme of our community investment program — physical health and wellbeing — which has been identified as the most materially relevant need across many of the communities in which our assets are located. In addition to our Community Investment Program, a number of other health-related activities were delivered by our centres:

Helping to educate the community on CPR and first aid 

Pacific Epping, VIC, partnered with Northern Health and Ambulance Victoria to host Restart a Heart Day in October 2024, an event dedicated to educating the Epping community on essential CPR skills. Open to all customers, the day featured live CPR demonstrations and hands-on practice stations led by health professionals, providing customers with practical skills and knowledge that could help in emergency situations. Around 120 customers participated in the sessions, with their feedback confirming the skills they learned were highly valuable.

Eastland, VIC, collaborated with St John Ambulance providing ongoing discounted space at the centre for their delivery of first aid training courses to the public and eliminating the requirement for many to travel long distances for training. By offering a convenient and accessible location at Eastland, the centre has made it easier for its community members to gain vital life-saving skills. Additionally, Eastland also hosted first aid related activations delivered by St John Ambulance including World First Aid Day and a CPR Lab. More than 5,400 community members participated in these activations and the first aid training sessions during the reporting period. The impact of this partnership was made evident when a parent was able to use the skills she acquired during an Eastland training session to save her toddler’s life. This remarkable story gained national coverage, underscoring the importance and success of this partnership.

Restart a Heart Day at Epping, VIC  

QIC Play Well

As part of QIC Real Estate’s continued partnership with the Australian Sports Commission (ASC), ‘QIC Play Well’ was launched in February 2025, aimed at making sport more accessible to Australians of all ages and backgrounds. This initiative involved nine centres across Queensland, New South Wales, Victoria and the ACT, which awarded $100 sports-themed gift cards each week to customers. To be eligible to win a gift card, customers entered an in-centre competition which asked them to outline how they would use the gift card to support their participation in sport. The gift cards, redeemable at various sports and lifestyle stores within participating centres, could be used to help cover essential sporting-related equipment costs like footwear, apparel and protective gear. Between February and June 2025, a total of $23,400 in $100 gift vouchers were awarded to help ensure sport remains accessible to all, helping to further support local community sport and the benefits to those who participate. 

Launch of the QIC Play Well Community initiative at Robina Town Centre, QLD

QIC’s vision for reconciliation is an Australia that embraces equal, fair and just opportunities for Aboriginal and Torres Strait Islander peoples, and one in which we all work together to actively advance reconciliation.

QIC recognises the importance of building a better future for all Australians, which must pay respect to, and build trust with, Australia's First Nations peoples. We are committed to supporting Aboriginal and Torres Strait Islander peoples, businesses and communities through our business and investment activities.  

To support the delivery of QIC’s Stretch Reconciliation Action Plan (RAP), which was launched in May 2024, QIC Real Estate developed a new First Nations Delivery Plan FY25-FY27 (the Plan), outlining key areas of focus where our property assets and teams can make a real and positive difference towards achieving our broader RAP deliverables through our day-to-day business activities. The Plan covers the focus areas of QIC’s Stretch RAP and QIC’s First Nations Strategy, including engagement and community, procurement, employment and opportunities, economic participation, and cultural confidence and awareness. It also includes annual objectives specific to the real estate asset portfolio.

A Real Estate First Nations Delivery Plan Working Group (the Working Group) combining representatives from QIC Real Estate and the broader business was established during FY25 to continuously monitor and collaborate on initiatives to achieve the deliverables in the Plan across the Real Estate business.

The Plan is reviewed and updated on an annual basis, and acts as an important guide for centre teams in focusing their efforts on genuine initiatives that support reconciliation and which can be delivered through our day-to-day business activities. Initiatives delivered during FY25 include: 

• Procurement of over $1 million in goods and services from First Nations businesses across the Real Estate business.
• Supporting First Nations employment via QIC Real Estate’s first Indigenous School-Based Trainee, who joined the Grand Central, QLD, centre management team in March 2023 and officially graduated with her Certificate III in Business in December 2024. In May 2025, Robina Town Centre, QLD, employed our second Indigenous School-Based Trainee who is working in the centre management team while completing a Certificate III in Business.
• Leveraging QIC Real Estate’s Sustainable Design Brief during precinct planning and major renovation and development projects, including our Indigenous Design Framework. The Indigenous Design Framework is a practical guide to build culturally responsive processes to ensure that First Nations design inputs are sought through our development projects processes.
• Supported the Darwin Aboriginal Art Fair Foundation (DAAF) and Indigenous Fashion Projects (IFP) through the National Indigenous Fashion Awards (NIFA) for the third consecutive year, reaffirming our commitment to recognising and celebrating excellence within the First Nations fashion industry. We sponsored two NIFA awards in FY25: the Community Collaboration Award (sponsored by Canberra Centre, ACT) and the Wearable Art Award (sponsored by Eastland, VIC). See the case study on this initiative for further details.
• Updated our Acknowledgement of Country across all centres’ in-centre digital screens and websites in line with QIC’s updated wording which was launched with the release of our Stretch RAP. Each centre also tailored the updated wording to incorporate acknowledgment of the Traditional Land and Cultures on which their centre is located.
• Recognised culturally significant days, including NAIDOC Week and National Reconciliation Week, across our assets to acknowledge the history, culture and achievements of Aboriginal and Torres Strait Islander peoples and position our centres as places of welcome, cultural education and connection for Traditional Owners, local First Nations groups and the broader community. Centres collaborated with their local First Nations communities and Elders to implement immersive activations including Smoking Ceremonies, Welcome to Country, Indigenous dance performance and art displays. Below are some of the ways our centres celebrated these important dates: 

NAIDOC Week: 7 to 14 July 2024 

‘Bunjil’s Nest’ at Eastland, VIC

First Nations artist Simone Thomson created the art installation ‘Bunjil’s Nest’ which was on display at Eastland, VIC, during NAIDOC Week. ‘Bunjil’s Nest’ honours the spirit of Bunjil the Eagle, the ancestral creator and protector of Wurundjeri people, the animals, the lore, land and the waterways of their traditional territory. ‘Bunji’s Nest’ stands as a testament to the resilience and wisdom passed down through generations, emphasising the importance of honouring and celebrating First Peoples’ knowledge and stories. 

First Nations’ student art exhibition at Watergardens, VIC  

Watergardens, VIC, partnered with their First Nations community to bring to life an art exhibition featuring the incredible talent of over 100 First Nations students from 10 local schools. The opening day of the art exhibition was celebrated with an afternoon tea including local Elders, representatives from Brimbank Council, Department of Education and local schools.

Office tenants making their own boomerangs

All assets across the QOF/QGOP portfolio implemented immersive activations for office tenants to participate in, including learning about the significance of NAIDOC Week and First Nations culture while making their own boomerangs.  

National Reconciliation Week: 27 May to 3 June 2025  

Mullum Markets at Eastland, VIC  

Over 400 people came together in Eastland’s Town Square to take part in the Mullum Markets in celebration of National Reconciliation Week. There were 12 First Nations businesses that operated stalls at the market, selling their handmade arts and crafts. For some, this was the very first time showcasing their work in public. The response from the community was overwhelming, with 9 of the 12 stalls completely selling out of stock, a testament to both the quality of the offerings and the strong community support for First Nations enterprises.

Boomerang art

Canberra Centre, ACT, hosted proud Wiradjuri artist Ross Spencer, a master craftsman of traditional wooden cultural artefacts including boomerangs, shields, spears and clubs. Ross uses generational knowledge and natural materials to emphasise cultural preservation, storytelling and sustainability. Across the week, Ross led several painting workshops where over 70 participants of all ages painted boomerangs, and learned about Aboriginal symbols and their deep cultural significance. 

National Reconciliation Week theme ‘Bridging Now to Next’

Centres posted content on their social channels and websites acknowledging National Reconciliation Week, and highlighting this year’s theme of ‘Bridging Now to Next’, which recognises the connections between past, present and future, encouraging us to move forward while honouring the lessons of the past. They also profiled the artist behind this year’s National Reconciliation Week artwork, Bree Buttenshaw, a proud Kalkadoon woman. 

We place the utmost importance on making our community feel welcome in our centres and assets.

In FY25, we continued to roll out our three-year Diversity and Inclusion Plan (the Plan), which outlines the ways our property assets and teams can bring QIC's broader diversity, equity and inclusion (DEI) strategy to life. The Plan incorporates activities focused on gender equity, LGBT+, accessibility, cultural and linguistic diversity (CALD), First Nations people, young professionals and community/wellness.   

Key initiatives implemented across the real estate asset portfolio during the reporting period include: 

• The continued implementation of QIC’s Real Estate Gender Plan 2023-2025, which documents our goals to increase female representation within all areas of Real Estate and promote targeted opportunities to help females succeed. Key achievements from our Gender Plan implementation during FY25 can be found in the Our People section.
• Ongoing implementation of the Welcome Here Project. QIC Real Estate is committed to promoting a safe, inclusive and welcoming environment for the LGBT+ community at all our centres. Welcome Here rainbow stickers are displayed on entry to let everyone know that LGBT+ diversity is welcomed and celebrated within our centres.
• Auslan-fluent Santa and Sensitive Santa continued to be offered at a number of our centres at Christmas, helping to ensure the experience is inclusive and accessible for our customers.
• Eastland, VIC, in partnership with Glen Park Community Centre, launched Gather, Grow, Graze in April 2025, a new initiative to revitalise the Eastland Community Garden into an inclusive space that reconnects our community with food, learning and each other. The program offers hands-on experiences focused on growing and preparing food, learning about plant care, and creating opportunities for social connection, education and skill development. This includes upskilling people with disabilities in gardening and food handling, and empowering them with practical skills for employment, community engagement and greater independence.
• Our centres celebrated several days of significance on the Diversity and Inclusion calendar, including International Women’s Day, Wear It Purple Day, IDAHOBIT, NAIDOC Week, National Reconciliation Week, Diwali, Lunar New Year, Ramadan and Eid al-Fitr, Harmony Week, R U OK? Day and many others. Below are some of the ways our centres celebrated these significant dates: 

 R U OK Day? – 12 September 2024 

R U OK Day? at Grand Central, QLD

All centres marked R U OK? Day on 12 September 2024 through social media posts that acknowledged and explained what the day is all about, and encouraged people to find a meaningful moment to connect with friends, family and colleagues. Centres also handed out yellow R U OK? themed treats to retailers and customers. 

Diwali – 31 October 2024 

Diwali celebrations at Epping, VIC

To proudly embrace our diverse communities, a number of centres celebrated Diwali on 31 October 2024, an important festival within the Indian/Hindu calendar. Centres hosted a variety of activities including captivating traditional dance performances and live entertainment, creating a festive atmosphere that could be enjoyed by customers. The dance performances were extremely popular, receiving positive feedback from retail partners and customers.

Lunar New Year at Pacific Epping, VIC – 29 January 2025

Lunar New Year celebrations at Pacific Epping, VIC

Pacific Epping, VIC, celebrated Lunar New Year to mark the Year of the Snake with a spectacular lion dance performance along with the ‘picking the greens’ ceremony where retailers were invited to take part in this tradition for prosperity and good fortune. Several customers embraced the celebration, dressed in their favourite lucky colours and outfits to share in the festivities.

International Women’s Day – 8 March 2025 

Lighting was changed to purple at Watergardens, VIC, to celebrate International Women’s Day 

International Women’s Day was celebrated on 8 March 2025. In celebration of this significant day, a digital marketing campaign ran across all centres’ social channels, spotlighting three inspiring trailblazers who are breaking barriers and shaping the future of women’s sport. A number of centres also held in-centre activations including changing their internal/external ambient lighting to purple.

Canberra National Multicultural Festival – 7 to 9 February 2025 

National Multicultural Festival at Canberra Centre, ACT 

Canberra Centre, ACT, partnered with the National Multicultural Festival for a celebration of culture and connection. Over three days, the heart of Canberra came alive with the sights, sounds and flavours of over 170 multicultural communities. Within Canberra Centre, performances from various cultural groups delighted shoppers.

Project Safe-Guard was established by QIC Real Estate in FY22 to address a surge in critical incidents involving self-harm attempts during the pandemic.

The initiative strategically and proactively uses CCTV cameras and radars to provide early alerts of high-risk situations, with the aim of preventing them from turning into potentially critical incidents. Leveraging the latest motion alert technology, a first in the shopping centre industry, the initiative significantly improves our ability to respond swiftly and prevent potential incidents at our centres. When an alert is triggered, images from the alerted camera immediately appear on security guard-monitored screens in the control room, along with flashing red LED lighting and an alarm, to ensure alerts are not missed. Updated firmware implemented during FY25 now enables us to maintain vision on subjects when they are obscured by large objects.

Since its deployment, Project Safe-Guard has been implemented at high-risk areas within 11 centres across our portfolio and has successfully enabled intervention before incidents occur on many occasions.

Thanks to our leadership in this area, we were invited to share the Project Safe-Guard strategy and operational elements with several of our property peers, industry groups and retail conferences with the aim of sharing our knowledge to support more people in the community.

Understanding the needs, priorities and interests of our stakeholders is central to everything we do. We undertake comprehensive stakeholder mapping and planning activities to ensure we develop and maintain sustainable relationships throughout the lifecycle of our assets.

The table below outlines the ways in which we engage with our major stakeholders. 

Table 10: QIC Real Estate stakeholders