The $84 billion industry fund AustralianSuper has taken a 25 per cent stake in the world’s largest open-air shopping centre.
The super fund paid approximately $1.1 billion for its ownership share in Hawaii’s Al Moana Centre, making it the fund’s largest single direct property transaction.
US-based General Growth Properties, which sold the stake to AustralianSuper, will retain control of 75 per cent of Al Moana’s ownership.
According to AustralianSuper's deputy chief executive and chief investment officer, Mark Delaney, the deal demonstrates the fund’s ability to act globally on a large scale.
“AustralianSuper is implementing a direct property investment strategy in conjunction with our global and domestic partners that will ensure the fund is well positioned to find and invest in valuable opportunities in a variety of sectors and locations,” he said.
The Al Moana Centre currently has 195,000 square metres of retail space but will expand by 60,000 square metres later this year, according to the statement.
With this purchase, AustralianSuper now holds $7 billion in property assets.
The fund aims to increase its property portfolio to 10 per cent of its total assets in the next three to four years, the statement said.
The deal comes as a result of AustralianSuper’s partnership with investment manager QIC, and is the first acquisition since QIC was appointed the fund’s North America retail asset manager in late 2013.
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