AUSTRALIA - Industry Superannuation Property Trust, an Australian direct property investment manager owned by pension funds, plans to create a fund focusing on residential investments by the end of the year.
The new fund will raise between A$200m ($184m) and A$300m to invest in assets including land that can be redeveloped into high-density housing, said Daryl Browning, who helps oversee about A$6.7bn as chief executive officer of ISPT.
Australia, which skirted the global financial crisis, saw its banks tighten lending and curb financing for new developments, particularly for higher-density projects like apartments. While this helped prevent over-construction, it has also left many developers unable to finance projects.
"There's a gap that's opened in the market in the sense that banks don't want to fund residential land," Browning said in an interview on Aug. 6 in Melbourne. "We see a lot of opportunities in the residential sector."
The fund, ISPT's third portfolio of "opportunistic" investments, will run for up to 15 years, Browning said.
ISPT has raised about A$515m - A$200m through new equity and A$315m through reinvested dividends - as its seeks to buy more Australian retail properties, cut back on office, and wind-down its international fund over the next 12 to 24 months.
The fund manager sold a Sydney office tower for A$106m in February as part of its plan bring its office weighting to 50% from the current 60%, and is looking to increase its retail assets to about 40% from 30% now, Browning said.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.