Standard Life Investments has moved to deliver on its strategy to reduce its exposure to real estate in Australia to focus on what it regards as recovering markets.
The company said its Standard Life Investments Select Property Fund had sold a major Brisbane asset, 82 Eagle Street, after earlier this year selling a major Sydney asset.
The company said the proceeds of both sales would be re-invested in high quality assets in Tokyo, where the Select Property Fund has identified strong growth opportunities.
Despite the Sydney and Brisbane sales, Standard Life Investments retains assets in the Perth office property market, which the global investment manager believes is a more robust market than Sydney and Brisbane.
Standard Life Investments head of Wholesale and Listed Real Estate Funds, Andrew Jackson said: “This is a decision informed by our ‘house view’, which is underpinned by our research team’s rigorous analysis of the Japanese market. We’re backing the concept that ‘Abenomics’ will have a positive knock-on impact on real estate which, in turn, will deliver sustainable returns.”
