It's nice to see some heat coming back into the retail property sector. I wonder if these guys are also looking at Centro as a semi-passive invsestment??? - Tweets (: _________________________________________________________
[Source: www.smh.com.au/business]
AustralianSuper snaps up retail centres LUCY BATTERSBY April 14, 2010 - 10:27AM
AustralianSuper has signed its biggest property mandate to date with a $500 million investment in regional retail shopping centres owned by Queensland Investment Corporation.
The investment in QIC property fund now makes up 15.2 per cent of AustralianSuper's total property investments.
The super fund manages $33 billion worth of superannuation savings on behalf of its members and about 11 per cent is invested in property, chief investment officer Mark Delaney said.
In Victoria QIC owns the Eastland shopping centre in Ringwood, the Watergardens town centre in Taylor Lakes, and Woodgrove shopping centre in Melton. In other states they own Castle Towers shopping centre in northern Sydney, the Canberra Centre and Robina centre on the Gold Coast.
Mr Delaney said it was rare for a super fund to find wholesale retail property investments because most of it was owned by listed property trusts.
He said the rental streams were "less cyclical" from sub-regional retail property because they were often the only local shopping centre and had a captive clientele. Rental income from offices and city retail property was more exposed to economic downturns, he said.
Ends.
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