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 six per cent.
Located in Sussex street it has views of Darling Harbour and King Street Wharf.
Consistent with the fund's green buildings policy, the property is power efficient with water-saving sensors in its bathrooms.
LGSS will add more improvements to reduce energy consumption and carbon emission in the office block.
Green sourced energy will also be introduced to tenants in the building.
