AustralianSuper head of property Jack McGougan said the mandates were in line with AustralianSuper’s broader long-term approach to direct property investing.
“We’ve been researching the sector a long time and we see good long-term opportunities for maximising returns to our members,” said Mr McGougan.
“The housing sector is such a key component of the broader economy – it is after all Australia’s largest investment class and in it we see real potential for executing an effective long-term strategy,” he said.
Mr McGougan said the two mandates will identify long dated projects.
“It’s not about short-term house price dynamics but rather the opportunity to deploy capital based on the sector’s long-term profile,” he said.
ISPT chief executive Daryl Browning said ISPT is delighted to have been chosen by AustralianSuper for its Australian residential development mandates.
“We are looking forward to assisting AustralianSuper with the execution of its real estate strategy whilst diversifying and capitalising on our successful track record with the ISPT Development and Opportunities Funds,” said Mr Browning.
QIC managing director of global real estate Steven Leigh said the appointment “reinforces its existing strong relationship with AustralianSuper in Australian real estate and follows the recent appointment of QIC as its US investment manager for retail property”.
