The trustee body representing the superannuation funds covering Australia’s Commonwealth public servants has acquired a 92 per cent interest in landmark Sydney CBD building, 1 Chifley Square.
ARIA, which is the trustee body covering the CSS, PSS and PSSap, acquired its interest in 1 Chifley Square for $84.5 million via one of its real estate investment managers, Arcadia Funds Management.
ARIA chief investment officer Andre Morony said the purchase was one of the first undertaken by Arcadia as part of a long-term mandate.
Morony said ARIA had a 15 per cent strategic asset allocation to property and was one of the few large Australian investors returning to direct property investments through employee-owned boutique managers.
He said ARIA intended to continue to seek core and core plus commercial, retail and industrial investment opportunities in a number of key Australian real estate markets.
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The corporate regulator has shared some ‘disappointing’ findings upon reviewing the public communications of more than 20 trustees with regards to death benefits.
According to the industry body, funds should have an obligation to transfer members in failing products to better-performing products in a timely way.
The $9 billion fund is backing agriculture investor GO.FARM, with its capital already directed towards enhancing two key assets.
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