AustralianSuper secures further USA office property acquisitions

AustralianSuper secures further USA office property acquisitions
AustralianSuper secures further USA office property acquisitions

Australia's largest pension fund, AustralianSuper, has expanded its overseas property investment.

It has secured a 49% stake in a $US1.32 billion ($1.7 billion) portfolio of Washington office buildings, controlled by Brookfield Property Partners.

Five of the assets are located in the East End, the premier submarket in the region. East End assets included 1400 K Street, 1200 K Street, the Victor Building, 650 Massachusetts Ave, and 799 9th Street. The remaining three assets include 1250 Connecticut Ave in the DC Central Business District; 77 K Street in NOMA (North of Massachusetts) and Bethesda Crescent in Bethesda, MD

AustralianSuper also teamed with Brookfield in April taking a 49 per cent stake in a $US605 million Boston office tower.

In March AustralianSuper invested $1.1 billion in a Hawaiian shopping centre, representing 25 per cent ownership.

Earlier this year it secured a £200 million ($408 million) stake in the mixed-use King's Cross Central development in Londonbeating off competition from overseas sovereign wealth funds from the Middle East and investment groups in the Far East.

AustralianSuper has $90 billion in assets under management, with around $7 billion in real estate.

Jack McGougan, the fund's head of property, aims to hit 10 per cent over the next three to four years.

AustralianSuper has more than two million members.

In the latest deal AustralianSuper was represented by Jim Halliwell and Dan Thornton at Principal Real Estate Investors.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
International Superannuation

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