Retail

The investment is understood to be the pension fund’s first stake acquisition in a European real estate manager.

Head of private real estate Amy Cureton takes over for longtime real assets lead Bob Sessa, who has retired after 25 years with the fund.

Barry Sternlicht and his successor, Jonathan Pollack, discuss the wide-ranging implications of the firm’s new leadership structure.

The office sector is stricken by oversupply, but retail is becoming an emerging investment theme and multifamily is drawing interest.

Foreign investors are looking at data center space as corporates migrate to the cloud and developers focus on industrial and logistics assets.

Investor activity remains mostly concentrated in the industrial and living sectors, with Sydney and Brisbane drawing attention.

Including $625m to funds and $880m to JVs, it is the pension investor’s highest quarterly allocation to the asset class in at least 10 years.

The Australian wealth manager and superfund provider sees potential opportunities to expand its all-Australian property book in markets such as European industrial.

The combination of two UK property funds will create a £4.7bn platform amid shifting preferences from domestic pension schemes.

The Australian firm now manages the annuities provider’s direct property portfolio, previously overseen by Elanor Investors Group.