AustralianSuper, Melbourne, committed A$500 million (US$466 million) to QIC Property Fund, according to a news release from the retirement fund.
The investment is part of a rebalancing of the retirement fund's core property portfolio and increases its allocation in the Australian retail market, Mark Delaney, deputy CEO and chief investment officer at AustralianSuper, said in a news release. The investment will represent 15.2% of the plan's total property investments.
AustralianSuper has more than A$30 billion in assets, according to the fund's website.
Matthew Smith, an AustralianSuper spokesman, could not be reached by press time for further details.