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AusSuper awards residential property mandate
AustralianSuper has indicated its intention to expand its direct investment approach to Australian residential property after it gave residential property mandates to Queensland-based institutional investment house (QIC) and the Industry Superannuation Property Trust (ISPT).
The fund's head of property Jack McGougan said the two mandates would focus mostly on broad acre subdivision, in line with its long term plan of direct property investing.
"We've been researching the sector for a long time and we see good long term opportunities for maximising returns to our members," McGougan said.
"The housing sector is such a key component of the broader economy — it is after all Australia's largest investment class - and in it we see real potential for executing an effective long-term strategy."
McGougan added the mandates were given to QIC and ISPT as they were looking for long term partners with specialist investment capabilities relevant to the sector.
The mandates come after AustralianSuper appointed QIC as its US investment manager for retail property in November last year.
It was an open-ended mandate to invest in dominant shopping centres.
The fund also entered the UK retail property market by buying a 50 per cent stake ($488.5 million) in a major shopping centre in north west London, thecentre:mk.
Last month it appointed Rockspring Property Investment Managers LLP as its investment manager to look after its direct office and retail property investment strategy in Europe.
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