AustralianSuper has appointed Bentall Kennedy to help pave its entry into the Canadian property market.
The superannuation fund is seeking investments in a range of assets, including large-scale CBD offices, regional malls and mixed-use development opportunities in major Canadian urban centres.
Bentall Kennedy, an investment manager headquarted in Toronto, will also look for joint venture partnerships with major Canadian pension funds, private investment companies and its own institutional clients.
In a statement, Jack McGougan, AustralianSuper’s head of property investments, said Bentall Kennedy offered expertise in what was an important global real estate market.
McGougan was not available for comment, but Stephen McMahon, AustralianSuper’s head of external relations, told IPE Real Estate: “The Canadian market offers exciting growth opportunities for long-term investors such as AustralianSuper. It has attractive long-term fundamentals for property investment, with strong population growth and an open and dynamic economy.
“Formalisation of the relationship with Bentall Kennedy provides AustralianSuper with a capability to invest in the Canadian market when conditions are favourable.”
McMahon said the latest mandate is a continuation of the fund’s strategy to invest in developed economies that can provide consistent returns.
“It is similar to our strategy in other developed markets, as evidenced with recent investments in King’s Cross Estate in London and Ala Moana Center in Honolulu,” he said.
AustralianSuper has invested close to AUD2bn (€1.34bn) into the US market over the past 18 months, and spent AUD1.3bn for a 67.5% stake in King’s Cross Estate.
AustralianSuper manages some AUD100bn in retirement savings. It has almost AUD10bn in property assets, with approximately 38% now invested globally.