Queensland-based superfund LGIAsuper has invested $18 million in the refurbishment of a historic London members’ club.
The Sloane Club, located in Chelsea, West London, was a private members’ club which dates back to the 18th century.
Acquired via LGIAsuper’s UK-based property partner Clearbell Capital, the funding would be used to refurbish the club’s accommodation, spa, and restaurant.
It was structured as a joint venture with hospitality management company Queensway which owns various hotels, restaurants and commercial properties.
LGIAsuper chief executive, Kate Farrar, said the investment would diversify LGIA Super’s portfolio as well as generate increased returns for members.
More than 70% of the portfolio’s listed share assets were invested outside of Australia.
“LGIAsuper is committed to supporting Australian and regional businesses but diversification of asset size, location and type is important to ensure we can achieve solid investment returns for our members.
“Diversification is a crucial part of our strategy and reduces the exposure to any one particular asset or risk factor.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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