This article is from the Australian Property Journal archive
QIC Global Real Estate has successfully raised more than $1.72 billion in capital over the past 18 months for the QIC Property Fund, in one of the largest capital raisings by an Australian unlisted property fund.
Managing Director Robert Carter the exercise is a strong endorsement for the fund.
“The recapitalisation has increased the number of investors in the QPF, which now comprises a mix of domestic and international investors representing superannuation, insurance and sovereign funds.
“It has created a significant balance sheet to acquire new assets and develop existing long-term strategic holdings,” he added.
The QPF is an open-ended wholesale property fund, with total assets under management of $5.5 billion as at 30 June 2011, comprising 10 regional shopping centres and four CBD buildings.
Carter said the recapitalisation project has been completed, however the group foresees future raising activities in the short to medium-term.
“QIC Global Real Estate is actively managing its Australian portfolio and has a significant development pipeline, projected to be valued at more than $2 billion over the next five to seven years, funded almost entirely by equity.
“The QPF is focused on retail and commercial CBD assets in Australia’s domestic market, with a particular focus on regional shopping centres occupying town centre locations with long-term growth potential, supported by strong trade area demographics, public infrastructure and with nearby land for future expansion,” Carter concluded.
Australian Property Journal
