REST Superannuation increased its property allocation from 7 to 8 per cent in order to access $250 million of new unlisted investment opportunities.
The $10.5 billion fund has invested $150 million with General Property Trust’s Office Wholsale Fund, and $100 million with the Charter Hall Core Plus Office Fund, both sourced from REST’s considerable cashflow. Charter Hall has so far required only $21 million from REST, as building continues on its fund’s seed asset – the A-grade Atrium Office Tower in Sydney’s Pyrmont, which is due for completion in September and is fully pre-leased to American Express for 12 years and Coles supermarkets for 20 years. The General Property Trust vehicle counts Sydney’s Darling Park, Melbourne’s NAB headquarters in Docklands and Brisbane’s Riverside among its assets.
The Australian Competition and Consumer Commission has recently released its draft guide on sustainability collaboration, but investors, businesses, and other groups have politely – and not so politely – told the competition watchdog that its principles need to be more flexible and accommodating.
Russell BakerSeptember 17, 2024
