Industry superannuation fund the Local Government Superannuation Scheme has bought a Sydney office building for $41 million.
Industry superannuation fund the Local Government Superannuation Scheme (LGSS) has bought a Sydney office building for $41 million.
With the purchase of the Sydney building, the fund now manages more than $500 million in direct property.
"Directly held property is a core component of LGSS's investment strategy aimed at maximising our members' retirement savings," LGSS chair Brian Harris said.
The building was purchased through property developer CB Richard Ellis on a yield of 6 per cent.
Consistent with the fund's green buildings policy, the property is power efficient with water-saving sensors included in its bathrooms.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
Advance appoints two, hikes fees »
St George Bank's funds management arm, Advance Asset Management, has appointed global property trusts CB Richard Ellis and European Investors to its manager line-up and terminated one of its two domestic managers.
Nestle, CSR, Rinker hire Russell »
Three of Australia's biggest companies have hired Russell Investment Group to run their superannuation accounts.
A complaint by a reader about our reporting of two Sydney planners facing jail made us do a little research on the subject of who can be called a planner.... read more »
