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Commonwealth super body increases direct property exposure
The trustee body representing the superannuation funds covering Australia’s Commonwealth public servants has acquired a 92 per cent interest in landmark Sydney CBD building, 1 Chifley Square.
ARIA, which is the trustee body covering the CSS, PSS and PSSap, acquired its interest in 1 Chifley Square for $84.5 million via one of its real estate investment managers, Arcadia Funds Management.
ARIA chief investment officer Andre Morony said the purchase was one of the first undertaken by Arcadia as part of a long-term mandate.
Morony said ARIA had a 15 per cent strategic asset allocation to property and was one of the few large Australian investors returning to direct property investments through employee-owned boutique managers.
He said ARIA intended to continue to seek core and core plus commercial, retail and industrial investment opportunities in a number of key Australian real estate markets.
AUTHOR
Mike Taylor
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