AustralianSuper earmarks more than $1b for UK housing investment
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The news: AustralianSuper has committed an initial $1.1 billion to launch an investment platform for UK housing as it continues expanding its portfolio of UK assets.
The context: The country’s largest super fund said that the initial £500 million ($1.1 billion) investment will establish a new UK Living platform which will target investments in the UK living sector. The platform aims to be one of the top five operators of rental homes in the UK within five years and has already made its first investment, a student housing development project in Bristol.
The announcement comes as a delegation of Australian superannuation executives meet with UK-based officials, government ministers and local funds in the UK to discuss investment opportunities and possible collaboration.
The numbers: AustralianSuper manages around $385 billion and is on track to deploy more than £8 billion of new capital into the UK by 2030, the fund’s deputy chief investment officer Damian Moloney said in a statement. Its UK portfolio is expected to reach £18 billion by that year, according to the fund.
What they said: The UK’s Chancellor of the Exchequer Rachel Reeves said: “This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country – building a stronger economy that works for, and rewards, working people.”
The source: AustralianSuper
