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Telstra Super invests $34 million in ATO building
Telstra Super has expanded its property portfolio by taking a 50 per cent interest in the development, funding and ownership of the Adelaide Tax Office.
Telstra Super is supporting the development through a 50 per cent equitable interest in the Aspen Property Trust, established by listed company Aspen Group.
The fund has also agreed to provide a construction loan facility of up to $117.6 million, to be drawn on as required from September this year, as well as a term facility of $117.6 million for the five-year period post practical completion in October 2012.
The new development is already 99 per cent leased to the Australian Taxation Office and Australia Post.
Telstra Super chief executive Martin Crowe said the investment reflected Telstra Super’s aim to build a stable of direct interests in quality buildings with A-grade, long-term tenants.
AUTHOR
Ashleigh McIntyre
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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