Queensland-based superfund LGIAsuper has invested $18 million in the refurbishment of a historic London members’ club.
The Sloane Club, located in Chelsea, West London, was a private members’ club which dates back to the 18th century.
Acquired via LGIAsuper’s UK-based property partner Clearbell Capital, the funding would be used to refurbish the club’s accommodation, spa, and restaurant.
It was structured as a joint venture with hospitality management company Queensway which owns various hotels, restaurants and commercial properties.
LGIAsuper chief executive, Kate Farrar, said the investment would diversify LGIA Super’s portfolio as well as generate increased returns for members.
More than 70% of the portfolio’s listed share assets were invested outside of Australia.
“LGIAsuper is committed to supporting Australian and regional businesses but diversification of asset size, location and type is important to ensure we can achieve solid investment returns for our members.
“Diversification is a crucial part of our strategy and reduces the exposure to any one particular asset or risk factor.”
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.