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 Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

International Superannuation

Community Discussion

Be the first one to comment on this article
What would you like to say about this project?