AustralianSuper hired Rockspring Property Investment Managers as investment manager for the A$75 billion (US$71 billion) Melbourne-based superannuation fund's planned direct investments in office and retail property across continental Europe.
There are no precise targets when it comes to how much the fund — which has a portfolio of mostly Australian property valued at roughly A$6 billion — is looking to allocate to continental Europe, AustralianSuper spokesman Licardo Prince said in a telephone interview.
The fund is looking for properties that come with high price tags — both “large, landmark office buildings” and “dominant retail investments such as prime super-regional shopping centers,” said an AustralianSuper news release Tuesday.
The relationship is an open-ended one, said Annabel Turbutt-Day, a spokeswoman for London-based Rockspring. The investment manager oversaw a combined €6.1 billion (US$8.3 billion) in assets under management and undrawn commitments as of March 31.
Tuesday's announcement was the latest in a handful of appointments over the past year related to AustralianSuper's program to make direct investments in global real estate. The fund hired Henderson Global Investors to select and manage U.K. retail properties; QIC to advise on direct investments in U.S. retail; and TIAA Henderson Real Estate as its partner for investments in London office property.
Robert Gilchrist, Rockspring's CEO, said in the news release that his firm has “already started working closely with (AustralianSuper's) real estate team to identify prospective acquisitions that fit the superannuation scheme's investment strategy and risk/return profile.”
