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AusSuper appoints PGI for US real estate

AusSuper appoints PGI for US real estate

AustralianSuper has awarded a non-discretionary US real estate mandate to Principal Global Investors' real estate division.


Principal Real Estate Investors is now the investment adviser for AustralianSuper's US office strategy.

The big industry fund currently manages US$5.2 billion in real estate holdings as part of its US$70 billion in funds under management.

The PGI mandate will focus on large, high-quality office investments in major US markets including New York, Washington, Washingston DC, Boston, San Francisco and Los Angeles.

Principal Real Estate Investors senior managing director Jay Davis said his colleagues have formed a strong relationship with AustralianSuper's real estate team.

"They are very strategic investors with a patient, decisive approach and a long-term investment horizon," Mr Davis said.

"We look forward to working with AustralianSuper to create a high-quality portfolio of US office properties," he said.

AustralianSuper head of property Jack McGougan said his team has been tracking the US market for "an extended period of time" and the fund sees good long-term opportunities there.

"We are excited to formalise our relationship with Principal Real Estate Investors as an investment manager of our US office strategy," Mr McGougan said.

"We are confident they are the right partner for us given their deep expertise in the sector, strong asset management capability and true national coverage," he said.

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