Aware Super launched its Aware Real Estate platform, bringing management of its directly owned property assets in-house and targeting a four-fold increase in real estate assets to A$7 billion ($4.8 billion) within five years.
The new platform will actively manage Sydney-based Aware Super’s portfolio of “directly owned Australian living, industrial, office and mixed-use” properties, consisting at present of 11 operational assets and eight development sites valued at A$1.7 billion, according to an Aware Super news release Thursday.
Bringing investment of those Australian property assets in-house will give Aware Super greater control over strategy and returns while reducing fees for members, a spokeswoman said.
That, in turn, is part of a broader strategy for the superannuation fund. Damien Webb, Aware Super’s deputy chief investment officer, in the news release said: “We’re aiming to increase our internally managed portfolio across all asset classes to 50% by 2025.” The spokeswoman couldn’t immediately provide a current figure for internally managed assets.
Three months ago, Aware Super – one of Australia’s biggest super funds, with A$155 billion in retirement savings and 1.1 million participants – appointed Michelle McNally, a veteran of real estate investment and development firm ISPT, as CEO of Aware Real Estate.
Ms. McNally, in Thursday’s news release, said that being a leader in Australia’s build-to-rent sector is a strategic pillar of Aware Real Estate’s investment strategy.
That build-to-rent focus will support the “essential worker housing program” Aware Super launched in 2018, offering eligible residents rent at 80% of the market rate – a means, Ms. McNally said, of attracting reliable tenants who “feel connected to the product.”
“Real estate investment manager Altis Property Partners, a long-running partner of Aware Super, is playing a foundational role in establishing Aware Real Estate by providing invaluable support services,” the news release said.
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