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Australian Retirement Trust (ART) is to invest up to A$150m (€92m) to support a residential housing project in Queensland alongside Housing Australia, a federal government agency, and Queensland’s Housing Investment Fund (HIF).
Housing Australia is providing A$300m in upfront funding, while ART’s investment will be in the form of subordinated debt. The contribution from HIF has not been disclosed.
Brisbane Housing Company (BHC), the project’s developer, plans to build up to 604 new homes in a mix of social, affordable and rental homes in seven locations across Queensland.
Australian Retirement Trust chief investment officer, Ian Patrick, said the investment would also “support us” in delivering strong long-term investment returns for our close to 2.4m members.
Housing Australia CEO Scott Langford said: “Housing Australia’s senior debt, State funding under the HIF, and institutional capital from an Australian superannuation fund [ART] will further increase the supply of social and affordable housing at scale in Queensland.”
BHC CEO Rebecca Oelkers said: “BHC is incredibly proud to be working with Australian Retirement Trust, the Queensland Government and Housing Australia to create an innovative approach to financing, which will deliver life-changing homes for Queenslanders in housing need.”
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