AustralianSuper, the €52 bn Melbourne-based superannuation fund, has appointed Rockspring Property Investment Managers for a new direct office and retail property investment drive across continental Europe.
AustralianSuper, the €52 bn Melbourne-based superannuation fund, has appointed Rockspring Property Investment Managers for a new direct office and retail property investment drive across continental Europe.
AustralianSuper, which owns A$6 bn (€4.1 bn) of real estate assets predominantly located in Australia, is planning to diversify its portfolio and to carry out a 'significant' investment programme abroad over the next five years.
The fund entered the UK retail property market in December 2013 when it acquired a 50% stake in centre:mk in Milton Keynes for £270 mln. The major regional shopping centre was AustralianSuper’s first direct investment for its European property portfolio.
Rockspring’s new mandate will focus on large, landmark office buildings, either standalone or part of larger mixed-use schemes, in major European cities, as well as dominant retail investments such as prime super-regional shopping centres.
The company did not disclose the size of the investment mandate.
'As a result of AustralianSuper’s strategic decision to reallocate and expand its global direct real estate exposure, we are honoured to have been mandated to help them build, over time, a Europe-wide portfolio featuring strategic office schemes and dominant shopping centres,' said Rockspring CEO Robert Gilchrist.
Jack McGougan, head of property at AustralianSuper, added: 'We have been monitoring European markets closely over the last few years and we are now ready to establish a long-term presence through directly investing in the region.'
