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.
Australian shopping centres account for 36 per cent of commercial building energy consumption. Ongoing improvement in energy efficiency is vital to reducing the load on the electricity grid.
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.
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.
As part of its broader commitment to support Australia’s emerging green bond market, the CEFC was a cornerstone investor in the QSCF green bond and secured a $30 million tranche of the issuance.
The CEFC will continue to work closely with QSCF to monitor and report the sustainability improvements made across its portfolio.
National, Climate Bonds, Renewable energy, Energy efficiency