AustralianSuper, Melbourne, tapped QIC Ltd. to advise the A$65 billion (US$61.4 billion) superannuation giant on its direct investments in U.S. retail properties, and then manage the properties acquired on AustralianSuper’s behalf.
In a telephone interview, Susan Fairley, a spokeswoman for AustralianSuper, said the arrangement falls within the internal management effort AustralianSuper launched last year.
AustralianSuper will acquire U.S. retail properties identified by QIC if they meet the superannuation fund’s criteria, and QIC will get a fee for managing those properties, Ms. Fairley said.
The latest appointment follows a similar arrangement announced in June, when AustralianSuper hired Henderson Global Investors to guide its direct investments in U.K. retail properties.
Ms. Fairley said the amount of money allocated to U.S. retail properties will depend on how attractive the opportunities identified by QIC are. The fund is looking to allocate 10% of its portfolio to property globally, she said.
As of June 30, QIC managed A$1.15 billion in property assets for AustralianSuper, or roughly 1.8% of its portfolio.