QIC Real Estate has made a further commitment to its sustainability goals by successfully converting A$3.75 billion ($2.4 billion) of bank loans into sustainability-linked loans (SLLs) for its two largest real estate funds — the QIC Property Fund (QPF) and the QIC Town Center Fund (QTCF).
These deals combined form one of the largest REIT SLLs to come to market within Australia in recent years, with a broad range of targets across core retail assets in the two funds. The KPIs seek to address the funds’ carbon emissions (across scopes 1, 2 and 3) and represent one of the first deals to use the Green Building Council of Australia’s new Green Star Performance Tool v2 (released in July 2024).
In addition, these SLLs will see QIC Real Estate targeting Cleaning Accountability Framework certification across both funds’ portfolios to promote industry-leading ethical labor practices.
Deborah Coakley, managing director, QIC Real Estate, said converting the funding
