Clean Energy Finance Corporation Head of Property Michael Di Russo said convenience retail assets presented a relatively untapped opportunity to contribute to the clean energy transition and enhance both sustainability and capital outcomes.
Through this investment, CEFC capital is supporting the drive for deeper carbon reductions across a portfolio of assets that typically have a maturity gap compared to larger regional centres. This is a great example of leadership to accelerate energy efficiency, electrification and circularity at scale across the sector, and as a value-add to commercial performance.Michael Di Russo
CEFC Head of Property
QIC media release:
24 September 2025
QIC is back on the market for everyday convenience retail assets with fresh equity fuelling plans to triple the portfolio of the refreshed QIC Everyday Retail Fund.
Welcoming both the Clean Energy Finance Corporation (CEFC) and Prime Super alongside existing investors, the Fund will selectively target well-located community centres anchored by daily-needs retailers with embedded opportunities to unlock value for investors.
With more than a decade managing everyday retail assets, QIC's ~A$526 million metropolitan seed portfolio includes six sub-regional and convenience centres across south-east Queensland and Sydney's Northern Beaches.
QIC Real Estate Managing Director Deborah Coakley said a recent recapitalisation positions the Everyday Retail Fund for its next phase of growth aligned with investor appetite and favourable market conditions.
"Low vacancy rates and the lack of new development is leading to some outstanding opportunities for returns in stabilised retail assets, particularly in the everyday retail space," Ms Coakley said.
"This fund has consistently outperformed benchmark through economic cycles, and sharpening its focus on everyday retail allows us to leverage the current market dynamic and tap into the resilient income profile these assets enjoy, driven by stable tenant and customer demand.
"The support of CEFC and Prime Super in validating this strategy has allowed QIC to recapitalise the Fund and be in a strong position to re-enter the market and execute a high-quality growth pipeline of acquisition opportunities."
To support this growth agenda, QERF will divest a number of industrial assets over the coming months, with proceeds to be reinvested into new convenience retail opportunities aligned with the Fund's strategy.
QIC Real Estate Core Plus Strategies Fund Manager Charles Occhino said compelling structural supply-demand dynamics would see supermarket-anchored centres continue to prove their role as a defensive ballast in retail portfolios.
"For the last 25 years, everyday retail centres have achieved both the highest productivity growth and speciality rent growth per square metre across all shopping centre sub-classes," Mr Occhino said.
"This resilience is evident across the portfolio QIC manages today - high-quality centres embedded in the everyday life of their communities, delivering consistent foot traffic and over benchmark returns.
"At the same time, we know existing everyday convenience stock has traditionally lagged in sustainability ambition and performance, and the smaller scale of QERF assets allows us to drive change that is often harder to achieve in larger real estate holdings."
The QIC Everyday Retail Fund aims to stay ahead of market sustainability-related developments and expectations to create a portfolio of future-proofed, highly sought-after assets while enhancing its ability to deliver investment returns.
Prime Super General Manager, Investments, Michael McQueen said the investment provides members with exposure to high-quality, community-focused retail centres that offer both defensive income and value-add potential.
"Partnering with QIC in the Everyday Retail Fund allows us to back a specialist manager with an established portfolio positioned to benefit from strong market fundamentals," Mr McQueen said.
Alongside Prime Super, the CEFC commitment builds on its longstanding collaboration with QIC to demonstrate the positive benefits clean energy technologies can bring to shopping centre assets across Australia.
Clean Energy Finance Corporation Head of Property Michael Di Russo said convenience retail assets presented a relatively untapped opportunity to contribute to the clean energy transition and enhance both sustainability and capital outcomes.
"Through this investment, CEFC capital is supporting the drive for deeper carbon reductions across a portfolio of assets that typically have a maturity gap compared to larger regional centres," Mr Di Russo said.
"This is a great example of leadership to accelerate energy efficiency, electrification and circularity at scale across the sector, and as a value-add to commercial performance."
Strong progress has already been made towards QERF's existing target of Net Zero carbon emissions (Scopes 1 and 2) by 2028, with on-site solar generation currently accounting for approximately 50 per cent of common area energy use.
Over the next 12 months, a Smart Energy Hub strategy will be developed and implemented across the portfolio to create flexible load capability and grid interactivity, and market engagement and collaboration will be leveraged to progress decarbonisation efforts through the value chain.
The QIC Everyday Retail Fund comprises a quality metro seed portfolio:
- Big Top Shopping Centre (Sunshine Coast, QLD) - convenience centre anchored by a supermarket and entertainment complex with 6 mini majors and 49 specialties
- Kippa-Ring Shopping Centre (Moreton Bay, QLD) convenience shopping centre anchored by a supermarket with 3 mini majors, 34 specialties and 6 kiosks
- The Village Upper Mount Gravatt (Brisbane, QLD) - convenience centre anchored by a supermarket with 32 specialties and 4 office suites
- Forest Lake Shopping Centre (Brisbane, QLD) - sub-regional shopping centre anchored by three supermarkets and a discount department store
- Nerang Mall (Gold Coast, QLD) - convenience centre anchored by a supermarket with 3 mini majors and 37 specialties
- Pittwater Place (Mona Vale, NSW) - convenience centre in Sydney's Northern Beaches, anchored by a supermarket with 3 mini majors, 22 specialties, 5 kiosks and 11 first-floor office tenancies
