Future Fund Pays $A375 Million For Stake in The Bullring Shopping Centre, Birmingham, UK
THE FUTURE Fund has paid £200 million ($A375 million) for a stake in UK’s most visited regional shopping centre, The Bullring, in Birgmingham.
The Fund Fund – which exists to generate income to pay the government’s unfunded upcoming superannuation commitments – has purchased a 33 per cent stake in the centre at a low yield of 7 per cent. Two years ago, at the peak of the property boom, prime UK shopping centre yields were about 4.75 per cent.
The $61 billion Future Fund is directed by former Commonwealth Bank of Australia executive David Murray (pictured), and headquartered in Melbourne.
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