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LGIAsuper invests in London club
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.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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