Aware Super commits £5bn to UK and European property
Australian pension fund Aware Super has committed to a A$10bn (£5.25bn) investment in the UK and Europe through its newly established London office.
With A$160bn of assets under management, Aware Super has ambitions to grow to A$250bn of assets under management, with international expansion into the UK a key strategy aimed at achieving that goal. Currently, the fund has A$17bn invested in the UK and Europe.
Aware Super officially opened its first international office in London this week. EG revealed plans for its expansion in the UK last month.
Australian pension fund Aware Super has committed to a A$10bn (£5.25bn) investment in the UK and Europe through its newly established London office.
With A$160bn of assets under management, Aware Super has ambitions to grow to A$250bn of assets under management, with international expansion into the UK a key strategy aimed at achieving that goal. Currently, the fund has A$17bn invested in the UK and Europe.
Aware Super officially opened its first international office in London this week. EG revealed plans for its expansion in the UK last month.
The fund said it aimed to initially focus its further direct investments from its new UK headquarters in real estate, infrastructure and private equity, with an emphasis on the energy transition sector, affordable housing, innovation, life sciences, technology and the digital infrastructure sector.
Aware Super entered the UK in April with a 22% stake in Get Living, the country’s leading developer and operator of large-scale, build-to-rent neighbourhoods. It also holds an extensive infrastructure and private equity portfolio in the UK, including investments such as Forth Ports and Miller Insurance Services.
Aware Super chief executive Deanne Stewart said: “Aware Super’s growth trajectory into the UK market will position us as an active, leading global institutional investor, well positioned to deliver strong risk-adjusted returns and lower fees for our Australian members while also providing exciting opportunities for our employees and communities across the UK.”
Business and trade secretary Kemi Badenoch said: “This £5bn from Aware Super is a huge boost for UK infrastructure, property and our thriving science and tech sectors.”
She added: “Investors like Aware Super are taking advantage of trade deals like the recent Australia Free Trade Agreement and our work breaking down trade barriers to bring new capital into the country.”
Aware Super deputy chief investment office and head of international Damien Webb has relocated to London to spearhead Aware Super’s first international foothold outside of Australia, with an initial team of 15 investment professionals, growing to 30 over time.
Webb said: “Due to our rapid growth trajectory, we believe the UK is a key platform from which we can further fuel our scale ambitions and diversify our portfolio through access to dynamic investment opportunities in new private markets. The ability to access the UK’s deep investment talent pool will also further furnish our investment team’s capabilities.
“Our international expansion strategy is positioning us to operate across the largest and most attractive capital markets, to find the strongest investment opportunities and deliver strong longer-term returns and competitive fees for our members back in Australia.”
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