Four superannuation funds invested $190 million in Nuveen's U.S. Cities Workplace strategy, which focuses on alternative workplace assets such as medical offices, life science, and technology research and development, according to a statement Monday.
Cbus Super, Hostplus and TWUSUPER, all headquartered in Melbourne, along with a fourth unnamed super fund, collectively invested in the strategy. The $190 million was not divided equally among the four funds, with the larger funds putting in bigger sums of capital, a Nuveen spokeswoman said. The exact amounts were not available.
Hostplus has A$100 billion ($66 billion) in assets; Cbus reached A$80 billion in May after its merger with EISS Super, and TWUSUPER has A$6 billion in assets.
Nuveen's U.S. Cities Workplace strategy is among the firm's global resilient series, which is built on its core income strategy.
"Hostplus' investment in Nuveen's U.S. Cities Workplace fund is an excellent example of broad diversification within our property asset class, which includes investments in alternative property assets such as life-science research facilities, medical offices, pubs, and industrial properties," Hostplus CIO Sam Sicilia said in an email.
"Adding alternative property assets results in a property portfolio with increased resilience to better cope with changes in the economic environment and cushions the impact of adverse valuation changes in any particular property sector," Mr. Sicilia added. "We intend to add more alternative property assets to further diversify the property portfolio in the near future."
