World-first green bond for QIC shopping centres
Trailblazing a sustainability path for the retail sector
QIC Global Real Estate was the world’s first retail property landlord to issue a green bond certified by the global Climate Bonds Initiative. The bond financed sustainability initiatives at three major Australian shopping centres.
$300m
green bond
3
shopping centres
35%
drop in emissions
We are proud to have achieved this world first for the retail property sector and deliver on the objectives of our investors to make meaningful and tangible progress towards enhancing our sustainability performance.Michael FattouhFund Manager, QIC Town Centre Fund
Our investment
The CEFC secured $30 million as a cornerstone investor in the $300 million QIC green bond, in 2019, as part of a broader commitment to support Australia’s emerging green bond market to help finance lower emissions.
QIC Global Real Estate (QIC GRE) was the world’s first retail property landlord to issue a green bond certified by the global Climate Bonds Initiative. The bond was certified under criteria for Low Carbon Buildings – Property Upgrade and was issued against a QIC-developed framework that supports and contributes towards meeting the United Nations Sustainable Development Goals.
The bond repaid in August 2025.
The CEFC has continued a strong working relationship with QIC, supporting its achievements in reducing emissions across its shopping centre and infrastructure portfolios.
Read more about the CEFC and QIC decarbonisation of shopping centres and infrastructure.
our impact
The QIC green bond demonstrated a way for commercial property owners to lift the environmental performance of their assets. QIC GRE described the green bond as an important milestone for the retail sector globally.
The bond closed five times oversubscribed, attracting substantial interest from new investors from Australia and Asia, including those with mandates to invest in green or other ESG opportunities.
The bond financed staged redevelopments of three major assets of the QIC Town Centre Fund portfolio:
- Grand Central, Toowoomba
- Robina Town Centre, Gold Coast
- Eastland, Melbourne
Upgrade initiatives included new building management systems, LED lighting, energy-efficient air-conditioning systems and a rooftop solar program.
As a result of the redevelopments, the three shopping centres were expected to reduce their carbon emissions by more than 35 per cent in three years.
The works financed through the bond program were part of the QIC GRE commitment to achieving net zero carbon emissions by 2028 for the core assets of the QIC Town Centre Fund Portfolio.
