The A$200bn (€135bn) Australian Retirement Trust (ART) has partnered with the asset manager QIC to finance new social and affordable housing supply in Queensland.
The pair will work with Brisbane Housing Company to build up to 1,200 new homes through QIC-BHC Social Housing Consortium, a partnership backed by the government’s housing investment fund.
ART intends to invest up to A$150m for a subordinated debt tranche, with QIC as an investment manager.
“As one of Australia’s largest superannuation funds, we’re committed to helping solve problems for our community and society while not compromising on our fiduciary duty to our members, and this project is one example of that,” said Nicole Bradford, ART’s head of sustainable investment.
Bradford said the investment opportunity would support more affordable housing in Queensland while also maximising the real, long-term investment returns for its more than two million members.
Managing director of QIC Real Estate, Michael O’Brien, said: “This unique partnership between Australian Retirement Trust, the Queensland Government and QIC, together with Brisbane Housing Company, has created a significant opportunity for institutional investment into social and affordable housing in Queensland.“
Brisbane Housing Company’s CEO, Rebecca Oelkers, said: “This programme is an exemplar of how state governments and institutional investors can work together with the community housing sector to raise capital and deliver social and affordable housing at scale.”
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