Local superannuation heavyweight AustralianSuper has tapped US-based property manager Principal Real Estate Investors as its investment advisor as it seeks to expand its global property portfolio.
The super fund will look to invest in office properties worth upwards of $US200 million ($230m) in New York, Washington DC, Boston, San Francisco and Los Angeles.
“We’ve been tracking the US market for an extended period of time and we see good long-term opportunities in select markets to continue to build our international property portfolio,” Jack McGougan, head of property at AustralianSuper, said.
The agreement is effective immediately.
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Super fund to expand global real estate portfolio, US office property in focus.
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