How we are helping deliver social and affordable housing
27 July 2022
We are supporting more social and affordable housing in Queensland through a unique partnership that will deliver up to 1,200 new homes.
We have partnered with institutional investment manager Queensland Investment Corporation (QIC) to finance up to 1,200 new homes, largely consisting of social and affordable housing.
We are also working with experienced community housing provider, Brisbane Housing Company (BHC), to deliver a scalable model for the financing, development and operation of social and affordable housing in the state.
Construction on all projects aims to begin by 2025.
Under the initial stage, our partnerships will support the QIC-BHC Social Housing Consortium to deliver seven projects, representing nearly 600 dwellings.
The deal is our first social issue-focussed investment since QSuper and Sunsuper merged to form Australian Retirement Trust earlier this year.
How we aim to be a force for good
Australian Retirement Trust is the superannuation fund formed through the merger of QSuper and Sunsuper. We’re one of Australia’s largest super funds and proud to take care of over $200 billion in retirement savings for more than two million members.
As a fund that works for members, not shareholders, we work in members’ best interests, and are committed to returning profits to them as lower fees and better services.
We’ll leverage our size and scale to be an enduring force for good to make our members’ world better, seeking out investments to grow their superannuation savings and help maximise their retirement income.
More affordable housing for Queensland
Australian Retirement Trust Head of Sustainable Investment, Nicole Bradford, said the investment would help develop more social and affordable housing across Queensland.
“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,” Ms Bradford said.
“We believe this investment opportunity will support more affordable housing in Queensland, while also maximising the real, long-term investment returns for our more than two million members.”
How the investment works
Through the partnership with QIC, we are making capital available alongside the Queensland Government to enable delivery of seven projects in the initial stage by the QIC-BHC Social Housing Consortium.
The first two projects of the consortium’s seven projects will be in Sutton Street, Redcliffe and Ethel Street, Chermside, with residents able to move in during 2024.
The remaining south-east Queensland sites will be announced once they are secured.
Subject to agreement of terms and finalisation of diligence and documentation, we intend to invest up to $150 million for a subordinated debt tranche, with QIC as investment manager.
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