We support proven clean energy technologies that can reduce stress on the electricity network while lowering overall electricity consumption. Our property related investment commitments include demonstration projects with the ability to deliver leading performance around energy efficiency and the integration of renewable energy into new and existing buildings.
Australian property group Stockland is undertaking a portfolio wide energy efficiency retrofit program across its retirement living operations. In addition, it has designed and constructed a new retirement living centre that is targeting a 25 per cent improvement in emissions reduction levels compared with current building code requirements. Stockland is also developing a market-leading scheme to trade solar energy among Stockland assets which will enable the full utilisation of its accelerated 11 MW rooftop solar installation across its logistics centres and retirement living assets. CEFC commitment: $75 million.
The QIC Shopping Centre Fund (QSCF), with interests in retail assets across Australia, is the first Australian signatory to the World Green Building Council Net Zero Emissions Commitment for a retail portfolio. In our first equity investment in the retail sector, the CEFC will work with QSCF to deliver on its ambitious emissions reductions targets across its $11 billion portfolio. Initiatives to improve ESD performance will include upgrades and automation of centre plant and equipment, installation of LED lighting, battery storage and rooftop solar. The first stage of the extensive emissions reduction program will see the installation of the largest rooftop array in the Southern Hemisphere, with QSCF aiming to cut grid electricity consumption by up to ~30 per cent across the portfolio. CEFC commitment: $80 million.
Several portfolio investments achieved significant milestones in the year. The Mirvac Australian Build-to-Rent Club achieved practical completion on its LIV Indigo complex in Sydney, as did the first stage of the LDK Greenway Views seniors living development in Canberra. The Calvary Adelaide Hospital, part of the Dexus-managed Healthcare Wholesale Property Fund, opened in January 2020, delivering a range of passive and active initiatives to reduce operational energy use and carbon emissions. The hospital also offers the only 24/7 Private Emergency Department in South Australia. Major energy efficiency property developments in Sydney and Melbourne also reached practical completion, including the Investa Sixty Martin Place development in Sydney and the landmark Collins Arch complex in Melbourne, being developed by Cbus Property.