POWERED BY MOMENTUM MEDIA
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.
Recommended for you
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
