The property arm of Australian superannuation fund Aware Super has bought a residential site in Sydney for A$121m (€72m) from Crown Group.

The Mastery site, with plans for 368 apartments, is located in Waterloo, a suburb that has undergone extensive regeneration in recent years.

Michelle McNally, chief executive of Aware Real Estate declined to go into details on her plan for the site while the sale was going through the settlement period which was due in 10 days.

But she said the Aware Super Real Estate platform now had a portfolio of about A$2bn worth of projects under development or in various stages of planning. They are mostly located in Sydney and Melbourne.

“Half of those projects is in the living sector, and the other half consists of industrial and other commercial developments,” she told IPE Real Assets.

Crown Group purchased the site for A$60m in 2015. The Australian property developer expects to use the proceeds from the sale to pay down debt.

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