AUSTRALIA - The Australian Reward Investment Alliance (ARIA) has purchased a 92% interest in 1 Chifley Square in Sydney's CBD at a cost of US$65m (A$84.5m).
The A$17bn super fund made the purchase through Arcadia Funds Management Limited, one of its real estate investment managers.
André Morony, ARIA's CIO, said it was Arcadia’s first purchase for the fund, having signed a long-term mandate with them earlier this year.
ARIA has a 15% strategic asset allocation to property, and Morony said quality real estate assets were in high demand.
Morony added ARIA intended to continue seeking out core and core plus commercial, retail and industrial investment opportunities "in a number of key Australian real estate markets".
ARIA said 1 Chifley Square offered the benefit of a number of new long term leases to major accounting, legal, banking and technology companies.
The funds other property investments include Indooroopilly Shopping Centre in Brisbane, 101 Collins Street, in Melbourne, and 20% of Grosvenor Place in Sydney.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.