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ART, QIC partner on affordable housing

Australian Retirement Trust and QIC will work with Brisbane Housing Company to finance and develop up to 1200 new homes.

The partnership aims to provide a scalable model for the financing, development, and operation of social and affordable housing in the state, with the first stage to comprise seven projects funded alongside the Queensland government, providing close to 600 dwellings.

The first two projects will be located in Redcliffe and Chermside and will be available to residents in 2024. The remaining sites are yet to be secured but will also be in South-East Queensland and construction is expected to have commenced on all of them by 2025.

ART intends to invest up to $150 million for a subordinated debt tranche, managed by QIC.

This marks the first social issue-focused investment by ART since its merger.

"Australian Retirement Trust is proud to be involved in such an important investment to help develop more social and affordable housing across Queensland," ART head of sustainable investment Nicole Bradford said.

"As one of Australia's largest superannuation funds, we're committed to helping solve problems for our community and society, while not compromising on our fiduciary duty to our members, and this project is one example of that."

Likewise, QIC Real Estate managing director Michael O'Brien said QIC is proud to be involved.

"This unique partnership between Australian Retirement Trust, the Queensland government and QIC, together with Brisbane Housing Company, has created a significant opportunity for institutional investment into social and affordable housing in Queensland," he said.

Also commenting, Brisbane Housing Company chief executive Rebecca Oelkers said the deal demonstrates how governments and institutional investors can work together to solve issues in the community.

"It will change the lives of countless Queenslanders who are in dire housing need," she said.

Further project locations will be announced once secured, ART and QIC said.

Read more: QICARTAustralian Retirement TrustBrisbane Housing CompanyQIC Real EstateMichael O'BrienNicole BradfordRebecca Oelkers