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QIC property fund raises $1.72 billion
QIC Global Real Estate (QIC GRE) has announced the completion of a $1.72 billion capital raising for its QIC Property Fund (QPF).
QIC GRE managing director Robert Carter said the 18-month-long effort was one of the largest capital raising by an Australian unlisted property fund.
"The recapitalisation has increased the number of investors in the QPF, which now comprises a mix of domestic and international investors representing superannuation, insurance and sovereign funds," Carter said.
QPF is an open-ended wholesale property fund, and as of 30 June 2011 it had $5.5 billion in funds under management. The fund currently owns 10 regional shopping centres and four central business district buildings.
The capital raising was partly a move by existing investors to reposition their portfolios, Carter said.
"QIC Global Real Estate closely aligns our core strategic functions with our clients' investment objectives, enabling our business model to respond quickly and effectively to new opportunities," he said.
QIC GRE has a "significant development pipeline" which could see future capital raisings in the short to medium term, Carter added.
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