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REST announces US property joint venture
Industry super fund REST announced a joint venture with American developer and apartment manager Greystar Real Estate Partners of Charleston, South Carolina.
Under the joint venture, REST will invest heavily in residential developments in growth markets in the US over the next 10 years.
REST will be the majority equity partner in around eight new rental apartment buildings with a combined total of around 3000 apartments to be developed and taken care of by Greystar.
REST will hold approval over all the big investment decisions for residential ventures by Greystar in the cities covered under the agreement.
"Planning and construction of the first residential property under the agreement is expected to start shortly in Austin, Texas. We expect at least four other developments to be underway by this time next year," REST CEO Damian Hill said.
REST's property portfolio consisted of over 9 per cent of total member assets as at 30 September, but the joint venture brings this to 10 per cent.
The super fund has offshore property investments in student accommodation facilities in Campus Living Villages Fund across the U.S.A, UK and New Zealand.
This joint venture increases REST's offshore investments to 13 per cent of the property portfolio.
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