Looking at decarbonisation of the Australian property sector real estate manager QIC converted AUD3.75 ($2.4 billion) of syndicated and bilateral bank facilities in its two largest funds to sustainability-linked loans (SSL).

The fund looks to address greenhouse gas (GHG) emissions, across Scopes 1, 2 and 3 in the two QIC finds, QIC Property Fund (QPF) and QIC Town Centre Fund (QTCF).

In order to complete the transaction QIC developed its inaugural Sustainable Finance Framework, with DNV confirming its alignment with the Sustainability Linked Loan Principles.

In addition, QIC adopted the Cleaning Accountability Framework certifications across the properties, to drive fair pay and decent working conditions for cleaners.

"Many of the impact aspects of this deal are very interesting, including that it seeks to address Scope 1, 2, and 3 emissions. I really appreciated that it looked at improving labour practices also," said one Environmental Finance Awards judge. "The size of the deal is very impressive also."