Australian Retirement Trust and QIC have teamed up to finance up to 1,200 new homes to boost the social and affordable housing supply in Queensland.  

The partnership will work with community housing provider Brisbane Housing Company to deliver seven projects initially, representing nearly 600 dwellings.  

The first two projects will be located in Sutton St, Redcliffe and Ethel Street, Chermside, with residents able to move in during 2024.  

Construction on all projects is scheduled to commence by 2025. 

Australian Retirement Trust intend to invest up to $150 million for a subordinated debt tranche, with QIC as investment manager. 

Australian Retirement Trust’s Head of Sustainable Investment Nicole Bradford said the deal was the super fund’s first social issue-focused investment since the merger between Sunsuper and QSuper earlier this year.  

“Australian Retirement Trust is proud to be involved in such an important investment to help develop more social and affordable housing across Queensland,” said Bradford.  

“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.”  

Managing Director of QIC Real Estate Michael O’Brien said QIC was proud to be involved in an industry-driven, human-centred response to Queensland’s current housing issues. 

“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,” O’Brien said.  

BHC Chief Executive Officer Rebecca Oelkers said the program was an exemplar of how state governments and institutional investors could work together with the community housing sector to raise capital and deliver social and affordable housing at scale. 

“It will change the lives of countless Queenslanders who are in dire housing need,” Oelkers said.