CBRE strikes long-term property agreement with QIC

CBRE has announced an expanded, long-term agreement with QIC that brings the full breadth of CBRE's property services capability across QIC's office and retail portfolios.

The appointment follows a competitive market tender in which QIC sought to consolidate its major outsourced services previously held across multiple providers. CBRE was selected as the single partner to deliver across all these service scopes.

Under the agreement, CBRE's existing property accounting mandate, which has been held for the past seven years, is extended to now cover the full portfolio including office and retail assets.
 
Building on that foundation, CBRE will deliver fully integrated office property management and facilities management and property accounting services across QIC's office portfolio of six assets in Queensland and the Australian Capital Territory, totalling approximately 100,000 square metres of prime office space.

CBRE will also take on employment services management for a skilled workforce of 140 staff across QIC's retail portfolio in Australia, bringing the total number of CBRE employees dedicated to the QIC account to more than 164.

“QIC is exactly the kind of long-term, value-led investor we want to be building with,” said Phil Rowland, Chief Executive Officer, CBRE Pacific. 

“This expanded appointment, following a seven-year partnership, reflects what both organisations stand for: accountability to investors, genuine care for tenants and communities, and a commitment to getting the operational detail right.” 

QIC’s Managing Director – Real Estate, Deborah Coakley, said: “To complement our high-quality portfolio, we sought to deliver greater efficiency and performance for our investors through a single source partnership, with a high-quality partner. 

“We are very pleased to be entrusting CBRE with delivery of these important services, with their breadth of capability and expertise supporting an integrated QIC approach across the real estate assets we manage on behalf of our clients.”

It is the latest appointment for CBRE's Investor Portfolio Management business, which works with institutional investors across Australia and the Pacific to deliver integrated property services at scale.