QIC shopping centres use world-first green bond to reduce emissions, improve sustainability

Climate bond marks retail first

QIC Global Real Estate’s QSCF has become the world’s first retail property landlord to issue a Climate Bonds Initiative certified green bond which will help it improve the energy efficiency and reduce the emissions of three of its major shopping centres.

The $300 million green bond will fund initiatives to enhance the environmental performance for three of the retail assets within QSCF’s portfolio: Toowoomba’s Grand Central, the Robina Town Centre on the Gold Coast and Eastland in Melbourne.

Following the upgrade program, the three shopping centres are expected to reduce their carbon emissions by more than 35 per cent in the next three years.

QIC GRE owns and manages an A$22 billion portfolio of some 50 retail and commercial properties across Australia and the US on behalf of institutional investors. QSCF portfolio includes some of Australia’s premier retail assets, including super-regional and major-regional shopping centres.

Clean energy measures

The bond has been certified by the Climate Bonds Initiative under the Low Carbon Buildings – Property upgrade sector criteria.

It will support a range of energy efficiency improvements including new building managements systems, LED lighting, energy efficient air conditioning systems and potential rooftop solar program.