Aware super launches $7b real estate platform
Aware Super will focus on providing housing support for essential workers through a development of its build-to-rent assets as part of a move into direct property ownership that it aims to build into a $7 billion platform.
It will also look at the traditional office, retail and industrial sector, including its joint venture with Frasers Property Industrial at Mamre Road Precinct in Sydney’s west, which covers 24ha of the First Estate Industrial park with The Yards, a 77ha master-planned estate in development next door.
Aware is also investing in well mixed-use developments and the growing data and self storage industries. The global business also has joint ventures with large developers including urbanisation projects in Los Angeles and New York with Lendlease.
Aware chief executive Michelle McNally said the group would focus on the build-to-rent sector with the aim off supporting Aware Real Estate’s essential worker housing program, which offers eligible residents rent at 80 per cent of the market rate.
“Our focus is on sites close to important urban infrastructure like hospitals, schools and transports, to make sure essential workers can live closer to work and reduce commuting time,” McNally said.
“By offering discounted rents to essential workers in highly desirable buildings, we don’t increase the values attached to these sites, but attract reliable tenants who have employment stability and feel connected to the product we’re offering.”
Aware is one of the country’s largest super funds and was formerly known as First Star Super. In 2020 it merged with VicSuper and WA Super to create the new business. It has a $1.7 billion real estate portfolio and a target of $7 billion in assets under management within five years.
There are already 500 build-to-rent-style apartments in the portfolio spread across New South Wales, Victoria, Western Australia and ACT, and it has a pipeline of a further 1200 apartments. Its Illoura Place, Liverpool, Sydney site has 314 apartments, 8000 square metres of A-Grade office accommodation and ground floor retail.
Aware super senior portfolio manager Alek Misev said the strategy to invest through all cycles enabled the business to avoid the fluctuating economy with rising interest rates and inflation.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Education News Click Here
For the latest news and updates, follow us on Google News.