St Hilliers gets together with REST and First State Super
Retail Employees Superannuation Trust (REST) and First State Super have committed to a $200 million property fund offered by St Hilliers, St Hilliers announced yesterday.
REST and First State Super, the cornerstone investors, will participate in the development process and effectively access the portfolio at cost price, St Hilliers said.
St Hilliers will co-invest in the fund.
“This fund is a demonstration of our commitment to long-term strategic relationships with like-minded organisations, which has been a basic tenet to the way we do business,” St Hilliers general manager funds management Nicholas Ridgwell said.
St Hilliers property chief executive officer Tim Casey said that this was the company’s largest equity raising venture and would produce property investments with a gross value approaching $500 million.
The fund would be looking to invest in commercial office, industrial, bulky good and retail assets ranging in size from $25-$150 million, Ridgwell said.
The fund is the fourth to be offered by St Hilliers, and is an open-ended wholesale fund.
St Hilliers recently wrapped up its first closed-end fund, St Hilliers Property Fund No. 1, and currently has two other property funds with assets in Sydney and Melbourne, St Hilliers said.
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