AUSTRALIA - MTAA Super has entered into a A$90m ($95m) partnership with national residential land specialist Peet to complete the development of Flagstone City in southeast Queensland.
MTAA Super sold half of its share of the 1,244-hectare Flagstone West landholding to Peet for $45m, but will retain a 50%interest in the land.
The project includes 10,000 residential lots plus the 200-hectare future town centre of Greater Flagstone with provision for retail centres, neighbourhood activity centres, schools, healthcare, retirement housing, childcare and other community facilities.
The initial investment in Flagstone West was made a decade ago. Since that time, MTAA Super chief executive Michael Delaney said the fund had achieved development approvals on the West side, while it had transformed Flagstone East into a thriving community of 3,500 residents.
Peet will also take responsibility for managing and marketing the remaining 300 lots in the Flagstone East project.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
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Professional Pensions is holding its defined contribution (DC) conference on 4 September.