Who we are
QIC was created in 1991 to maximise risk-adjusted returns for our inaugural client — the Queensland Government — and has since partnered with like-minded investors globally. While our investment independence is enshrined in law, our government ownership enables us to apply long-term thinking, incubate investment opportunities, and benefit from stronger governance and higher standards of accountability.
During our 30+ years, we have evolved and partnered with institutional investors from across the globe, yet we remain connected to our Australian heritage. Our deep knowledge of and capability in our home market is coupled with global capability, and a proven track record originating deals and actively managing assets offshore.
QIC is headquartered in Brisbane, Queensland, with offices in Sydney, Melbourne, Singapore, New York, San Francisco and London.
Over the past three decades, QIC Real Estate has 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 and the Australian Capital Territory.
QIC Real Estate is a registered trademark and is a business division within QIC Limited (ACN 130 539 123).
Asset portfolio
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 (QPF), QIC Town Centre Fund (QTCF), QIC Active Retail Property Fund (QARP), QIC Office Fund (QOF)/QIC Government Office Portfolio (QGOP) and QIC Australia Core Plus Fund (QACPF)135.
During the reporting period, changes to our asset portfolio comprised of:
Disposals136
- 291A Old Northern Road, Castle Hill (surrounding Castle Towers Shopping Centre) (sold June 2025)
- 16 Old Castle Hill Road (surrounding Castle Towers Shopping Centre) (sold August 2024)
- Claremont Quarter (sold 50% in October 2024)
- Westpoint Shopping Centre & Kmart Blacktown (sold January 2025)
- Merrifield City Shopping Centre (sold 50% in June 2025).
100% of reportable assets included in this report are based in Australia, with information correct as at 30 June 2025137.
Table 18: QIC Real Estate asset portfolio overview
| State | Number of assets |
| Retail assets | |
| QLD | 10 |
| NSW | 3 |
| VIC | 6 |
| WA | 0 |
| ACT | 1 |
| Commercial and other assets |
|
| QLD | 5 |
| NSW | 1 |
| Industrial assets |
|
| SA | 3 |
| NSW | 1 |
| QLD | 1 |
| WA | 1 |
Table 19: QIC Real Estate Australian asset profile
| Measure | 30 June 2025 |
| Gross Lettable Area (Retail) | 1,196,668m2 |
| Gross Lettable Area (Office) | 85,791m2 |
| Gross Lettable Area (Industrial) | 85,322m2 |
| Total Lettable Area | 1,367,781m2 |
| Gross Assets Under Management | $13.0bn |
| Retail sales | $8.1bn |
Note: 4 US retail assets are excluded from the asset count and GLA areas.
Note: Gross Assets Under Management $13.0bn includes Australian and US assets, with a breakdown as follows:
- Gross Assets Under Management — Australian assets: $12.1bn
- Gross Assets Under Management — US assets: $1.0bn
- Total Real Estate Gross Assets Under Management: $13.0bn.
135 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.
136 Excludes some peripheral asset sales and acquisitions.
137 Excludes some peripheral asset sales and acquisitions.
QIC Property Fund and QIC Town Centre Fund
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.
QIC Active Retail Property Fund
The QIC Active Retail Property Fund (QARP) seeks to generate long-term core plus returns by investing in a portfolio of high-quality neighbourhood and large format retail centres. This strategy seeks to capitalise on the resilience and long-term demand for retail properties in key locations that serve essential consumer needs, applying an active management approach to relatively more liquid assets with defensive income yield characteristics.
In addition to submitting the retail assets in our QARP portfolio for Green Star Performance Portfolio Ratings and GRESB, through ESG initiatives, including onsite solar projects, QARP has successfully transitioned to a position of Net zero carbon emissions ahead of its original 2028 target138.
138 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.
QIC Australia Core Plus Fund
The QIC Australia Core Plus Fund (QACPF)139 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.
In addition to submitting the retail assets in our QACPF portfolio for Green Star Performance Portfolio Ratings and GRESB, several key ESG initiatives are being advanced to help embed environmental, social and governance considerations across all our operational assets. QACPF has also developed a comprehensive roadmap to achieve Net zero carbon emissions by 2028140.
139 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.
140 Net zero carbon emissions targets apply only to assets that are 100% owned and managed by QIC Real Estate (representing the following percentages of each fund’s portfolio value as at 30 June 2025: 90% QTCF, 88% QPF, 100% QARP+, 91% QACPF, 98% QOF/QGOP). The pathway prioritises on-site measures to improve asset performance including: reduction in energy consumption through efficiency initiatives, electrification and transition away from on-site use of fossil fuels, and deployment of onsite solar to reduce reliance on grid sourced power. Carbon offsets will only be purchased for residual emissions from hard to abate sources from the date of target achievement. Progress towards carbon reduction targets is quantified and receives limited independent assurance annually, in accordance with the Australian Standard on Assurance Engagements (ASAE3000). QTCF, QPF, QACPF, QARP+ and QOF are signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment. +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.
QIC Office Fund
The QIC Office Fund (QOF) and QIC Government Office Portfolio (QGOP) each comprise 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.
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