Australia’s largest super fund AustralianSuper has entered the US multifamily market with the acquisition of a 239-apartment complex in Sarasota County, Florida.
The AUD140bn (€88.8bn) industry super fund, which has been looking at the US multifamily market, bought the asset for US$54.7m (€47m).
The complex will be managed by US multifamily manager Sentinel Real Estate.
AustralianSuper’s spokesman, Stephen McMahon, said: “We are attracted by the long-term growth fundamentals of the sector. Florida, in particular, is attractive given strong population and employment growth in the region.”
He added that the investment in the sector forms part of AustralianSuper’s international property investment strategy.
AustralianSuper’s real estate investment is mostly located in the UK, Europe and the US.
Meanwhile, in what has been described as one of the “most significant commercial deals in London in a decade”, the 67.5% AustralianSuper–owned Kings Cross Central Ltd Partnership, last week signed up Facebook as a tenant.
Facebook will occupy 611,000sqft across three buildings at the urban rejuvenation project.