Australian Pension Fund Invests £200M in London Property

AustralianSuper, Australia’s largest pension fund has agreed to purchase a 20 percent stake in Kings Cross Central for £200 million it has been reported. The pension fund faced stiff competition from other interested parties including sovereign wealth funds, investment groups from the far east and domestic pension funds, all looking for a stake in the high profile development which is at the centre of London’s popular boroughs of Islington and Camden. There may also be potential for the company to further diversity its property portfolio in the UK given its substantial purchasing power, as it is reported that the company manages just under £38 billion for its two million members.