AustralianSuper announced Monday it would be hiring Principal Real Estate Investors to invest in properties (either directly or via joint ventures) of $200 million or more in major U.S. cities.
The fund made its first direct international investment in December 2013 with a 50% stake in a London shopping center.
Over the 10-year period ended June 30, the fund’s $5.2 billion property portfolio trailed its benchmark by 126 basis points annually. Five-year returns were slightly better – but the property portfolio trailed its benchmark by 49 basis points annually.
