Australia's largest pension fund, AustralianSuper, has entered the Washington, DC market with the acquisition of a 49% interest in a portfolio of office buildings valued at $1.32 billion. Brookfield Property Partners, which will realize net proceeds of $349 million from the transaction, will retain management and leasing responsibilities at the eight buildings under terms of the joint venture deal. AustralianSuper was represented by Jim Halliwell and Dan Thornton at Principal Real Estate Investors.
"We continue to see healthy demand from investment partners in core, stabilized office properties in major markets, and took this opportunity to bring AustralianSuper into Washington, DC as part of our ongoing capital recycling initiative," said Ric Clark, CEO of Brookfield Property Group. "We are committed to maintaining our presence in Washington and are pleased with our growing relationship with AustralianSuper."
Jack McGougan, Head of Property at AustralianSuper, added "We are pleased to further strengthen our partnership with Brookfield Property Partners, whom we consider to be among the premier office asset managers globally. This transaction allows AustralianSuper to substantially increase its direct holdings in offshore property, in line with its strategy of investing in established assets with strong long-term growth potential."
Five of the assets are located in the East End, the premier submarket in the region, with additional diversity in other core submarkets. The eight buildings totaling 2.2 million square feet are currently 96% occupied. AustralianSuper took a similar stake in a $600m office tower in Boston earlier this year and has also bought property in London and is chasing opportunities in Europe, in line with its strategy, according to an article from The Australian.
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