The A$200bn (鈧�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 .
ART intends to invest up to A$150m for a subordinated debt tranche, with QIC as an investment manager.
鈥淎s one of Australia鈥檚 largest superannuation funds, we鈥檙e 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,鈥� said Nicole Bradford, ART鈥檚 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鈥橞rien, said: 鈥淭his 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.鈥�
Brisbane Housing Company鈥檚 CEO, Rebecca Oelkers, said: 鈥淭his 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.鈥�
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