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Investing.com -- AustralianSuper announced Monday it will invest A$1 billion ($650.10 million) into a new British accommodation investment vehicle, with plans to become a leading rental home operator in the UK within five years.
The first investment from Australia’s largest pension fund will finance a student accommodation development in Bristol through its newly established UK Living platform.
This platform will target accommodation investments in high-demand urban areas near universities and high-growth industries across Britain.
AustralianSuper Deputy Chief Investment Officer Damian Moloney said the fund aims to make 8 billion pounds ($10.75 billion) of new investments in the UK over the next five years.
The fund currently holds approximately 11 billion pounds of UK investments spread across real assets, private credit, fixed income, cash and listed equities.
This expansion comes as Australia’s A$4.3 trillion retirement fund system, known as superannuation, continues to grow rapidly. The system receives inflows of about A$4 billion weekly, making it the fourth-largest retirement savings pool globally.
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