AustralianSuper, the A$75 billion superannuation fund, has selected Rockspring Property Investment Managers for a Continental European investment program as part of its plan to create a global direct portfolio over the next five years.
Rockspring’s mandate is to execute on direct office and retail property investments across the continent, focusing on large, landmark office buildings either standalone or part of larger mixed-use schemes located in principal continental European markets, as well as dominant retail investments such as prime super-regional shopping centers.
This is the third significant mandate awarded by AustralianSuper in the past year. It follows the appointment in 2013 of Henderson Global Investors – since renamed TIAA Henderson Real Estate – for a UK retail mandate and a follow-up mandate for the same firm announced earlier this month for a central London office strategy.
AustralianSuper is Australia’s largest industry superannuation fund, and owns around A$6 billion of real estate assets, predominantly in its domestic market.
Robert Gilchrist, chief executive, said the firm was “honoured” to have been mandated to help it build over time a Europe-wide portfolio featuring “strategic” office schemes and dominant shopping centres. He added the firm had already started working with AustralianSuper’s real estate team to identify deals that would fit its strategy and risk-return profile.
Jack McGougan, head of property at AustralianSuper, said: “We have been monitoring European markets closely over the last few years and we are now ready to establish a long-term presence through directly investing in the region. After a productive period of preparation with Rockspring we believe that their track record and local expertise will be instrumental to the construction and evolution of our European property portfolio.”