ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

QIC Locks in $200m Green Sweep of Retail Portfolio

qic

Investment giant QIC have announced a unique deal with the Clean Energy Finance Corporation (CEFC) to improve the energy performance of their retail portfolio.

With an investment package of $200 million, CEFC will help QIC’s Global Real Estate flagship Shopping Centre Fund (QSCF) in a " retail property first", providing a pathway to reducing energy shopping centres across Queensland, Victoria, New South Wales and the ACT.

CEFC chief executive Ian Learmonth said Australian shopping centres, which account for 36 per cent of commercial building energy consumption, were a relatively untapped opportunity to transform energy use and reduce carbon emissions.

They also provide the opportunity to make local communities “greener” by engaging with shoppers with initiatives to improve sustainability and reduce energy use.

“We have more than 1,750 shopping centres in Australia, and yet less than 10 per cent of them have attained National Australian Built Environment Rating System (NABERS) ratings that measure how well they perform in terms of energy use. That represents enormous potential for improvement,” Learmonth said.

“Shopping centres have substantial energy needs with large enclosed malls and retail areas necessitating ‘year-round’ heating and air-conditioning supply. There is a range of environmental initiatives that can be implemented to deliver energy efficiencies in shopping centre operations.

[Related reading: QIC And Deutsche Make $200 Million Office Asset Swap]

QIC will target a minimum 4-star NABERS (excluding GreenPower) rating for all assets in its portfolio within 5 years, which will translate to energy savings of between 30 and 40 per cent.

The investment company was also working towards a 5-star NABERS energy and a 6-star Green Star office design ratings for its $800 million office, hotel and retail complex at Collins Street's Paris end, which was recently successful in attracting another tenant.

From the open space fronting Collins Street and Exhibition Street will rise a 39-storey premium-grade tower, with 43,000 sq m of office, according to the Australian Financial Review.

After Macquarie signed up for a tenancy of around 6,000 square metres earlier this year, McKinsey & Company joined the fray securing levels 37 and 38 in the commercial tower.

Their tenancy will reportedly occupy 1,720 square metres.

ADVERTISEMENT
TOP STORIES
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://theurbandeveloper.com/articles/qic-locks-200-million-green-sweep-retail-portfolio