Australia鈥檚 largest super fund AustralianSuper has entered the US multifamily market with the acquisition of a 239-apartment complex in Sarasota County, Florida.
The AUD140bn (鈧�88.8bn) industry super fund, which has been looking at the US multifamily market, bought the asset for US$54.7m (鈧�47m).
The complex will be managed by US multifamily manager Sentinel Real Estate.
AustralianSuper鈥檚 spokesman, Stephen McMahon, said: 鈥淲e are attracted by the long-term growth fundamentals of the sector. Florida, in particular, is attractive given strong population and employment growth in the region.鈥�
He added that the investment in the sector forms part of AustralianSuper鈥檚 international property investment strategy.
AustralianSuper鈥檚 real estate investment is mostly located in the UK, Europe and the US.
Meanwhile, in what has been described as one of the 鈥渕ost significant commercial deals in London in a decade鈥�, the 67.5% AustralianSuper鈥搊wned Kings Cross Central Ltd Partnership, last week signed up Facebook as a tenant.
Facebook will occupy 611,000sqft across three buildings at the urban rejuvenation project.
