LGSS adds $41m to direct property

Christine St Anne

Thu 16 Aug 2007

Industry superannuation fund the Local Government Superannuation Scheme (LGSS) has bought a Sydney office building for $41 million.

With the purchase of the Sydney building, the fund now manages more than $500 million in direct property.

"Directly held property is a core component of LGSS's investment strategy aimed at maximising our members' retirement savings," LGSS chair Brian Harris said.

The building was purchased through property developer CB Richard Ellis on a yield of 6 per cent.

Consistent with the fund's green buildings policy, the property is power efficient with water-saving sensors included in its bathrooms.