AustralianSuper looks to US property
US-based institutional real estate investor, Principal Real Estate Investors, has entered into an investment management agreement with Australia's largest superannuation fund, AustralianSuper.
The arrangement was announced to the market this week with the big super fund confirming that Principal Real Estate Investors would act as its investment advisor for its US office strategy, effective immediately.
The announcement said the non-discretionary mandate would focus on large, high-quality office investments in major US markets, including New York, Washington, D.C., Boston, San Francisco and Los Angeles.
Investments will be made either directly or through joint ventures in properties of US $200 million or greater.
Commenting on the deal, Principal Real Estate Investors senior managing director, Jay Davis said the company had gotten to know the real estate team at AustralianSuper very well over the past several years and had "forged a strong relationship with a like-minded investor".
AustralianSuper head of property, Jack McGougan said the fund had been tracking the US market for an extended period of time and saw good long-term opportunities in select markets to continue to build its international property portfolio.
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