In 2019, the QIC Shopping Centre Fund (QSCF) issued an AUD$300 million Climate Bond Initiative certified green bond, in a world first for the retail property sector.
The bond, which was enabled by QIC Global Real Estate's commitment to enhancing environmental performance across its Australian retail portfolio, was five times oversubscribed and attracted new debt investors from across Asia and Australian with green and ESG mandates, resetting green debt market expectations in Australia.
In its first year, focus has been on planning and implementation commencement for a range of significant new initiatives which are expected to provide long-term reductions in GHG emissions and GHG emission intensity across the QSCF portfolio, including:
Each of the three shopping centres financed by the QSCF Green Bond proceeds (Eastland, Robina Town Centre, and Grand Central) continue to demonstrate aggregate actual and forecast modelled carbon emissions intensity reductions in excess of the minimum requirement for Climate Bond certification of 30.8% for a 6-year tenor green bond.
The first annual QSCF Green Bond Report is available on the QIC website here.