Queensland Investment Corporation

Queensland Investment Corporation

Company type	Government owned corporation
Founded	1 June 1991; 33 years ago (1991-06-01)
Headquarters	Brisbane , Australia
Key people	Kylie Rampa (CEO)
Operating income	$84.3 million (June 2020)
Owner	Queensland Government
Number of employees	1,000+
Website	www.qic.com.au

QIC (Queensland Investment Corporation) is a Government owned investment company owned by the Queensland Government. It was founded on 1 July 1991 pursuant to the Queensland Investment Corporation Act 1991 to serve the long-term investment responsibilities of the Queensland Government.^[1] As of 30 September 2008, the organisation converted from a statutory Government owned corporation (GOC) to a company GOC and was renamed QIC Limited (QIC). QIC has now grown into a leading long-term specialist manager in alternatives.^[2]

Assets

QIC has investments in both Australia and the United States. Most of its shopping mall investments are through a 49% shareholding in a joint venture with Forest City Enterprises.^[3][4] In 2017, QIC reached an agreement to buy Forest City's interest in six of FC's eleven mall investments and an option to buy four others, excluding Charleston Town Center Mall in Charleston, WV. Forest City's US shopping centre management operation would also transfer to QIC.^[5]

Amongst its investments are shareholdings in:^[6][7][8][9]

Australian retail Bathurst City Shopping Centre[10] Canberra Centre Castle Mall Castle Towers[11] Domain Central Eastland Shopping Centre Grand Central Shopping Centre Hinkler Central Logan Hyperdome Noosa Civic Pacific Epping Pacific Werribee Robina Town Centre Watergardens Town Centre Westfield Coomera Westpoint Blacktown

United States retail Antelope Valley Mall Ballston Common Mall Galleria at Sunset Ridge Hill Mall Shops at Wiregrass Short Pump Town Center South Bay Galleria The Mall at Robinson The Promenade In Temecula The Shops at Tanforan Victoria Gardens Westchester's Ridge Hill

Office buildings Nauru House, Melbourne 111 George Street, Brisbane 91 Mary Street, Brisbane Other Brisbane Airport (25%) Hobart Airport (35%)[12] North Australian Pastoral Company (80%)[13] NorthConnex (25%)[14] Port of Brisbane (27%) Port of Melbourne[15] Powerco (58%) Powering Australian Renewables Fund (PARF) (40%) Thames Water (9%) Queensland Future Fund[16] Virgin Australia Holdings (2%)[17] Westlink M7 (25%)[14] above ground development of Cross River Rail stations[18]

References

1. Queensland Investment Corporation Act 1991 Queensland Government
2. "QIC". www.qic.com.au. Retrieved 25 February 2020.
3. QIC enters joint venture with Forest City to acquire US real estate portfolio Queensland Investment Corporation 4 June 2013
4. Australia's QIC forms $2bn joint venture with Forest City IPE Real Estate 6 June 2013
5. Minaya, Ezequiel, "Forest City to Exit Shopping-Center Business in Latest Deals" (subscription required), Wall Street Journal, October 2, 2017. Retrieved 2017-10-02.
6. Australian Retail Assets Queensland Investment Corporation
7. US Retail Assets Queensland Investment Corporation
8. Office Assets Queensland Investment Corporation
9. Direct Investments Queensland Investment Corporation
10. "Home". bathurstcitycentre.com.au.
11. "Home". castletowers.com.au.
12. Royal Schiphol Group acquires a stake in Hobart International Airport Schiphol Group 1 October 2019
13. QIC takes 80% stake in North Australian Pastoral Co Beef Central 6 May 2016
14. "North Western Roads". QIC. Retrieved 2 November 2020.
15. Port of Melbourne lease sold to the Lonsdale consortium for $9.7 billion by Andrews Government ABC News 19 September 2016
16. Trad, Jackie (12 December 2019). "Palaszczuk Government to establish Queensland Future Fund". statements.qld.gov.au. Government of Queensland. Retrieved 20 November 2021.
17. Queensland taxpayers to get 7pc on $200m Virgin play Australian Financial Review 5 October 2020
18. McKeown, Renee (18 November 2021). "QIC to Develop Brisbane's Cross River Rail Precincts". www.theurbandeveloper.com. The Urban Developer.com. Retrieved 20 November 2021.