The Industry Superannuation Property Trust is welcoming a general manager of new business this week.
Joining the $15 billion property investment trust is Karsten Simpson. Most recently he was general manager - structuring capital transactions, and the head of product development at Mirvac.
Simpson was with Mirvac for more than 14 years and previously held other senior roles including general manager wholesale partnerships.
In short statement the Industry Superannuation Property Trust (ISPT) said Simpson will be working closely with chief executive Daryl Browning.
The plan is for Simpson and the wider ISPT team to work on several new initiatives. The trust generates returns for Australian industry superannuation funds through the investment and development of commercial, retail, industrial and residential property.
Late last year ISPT made its first retail investment in conjunction with Mirvac - a 50% interest in Queensland's Kawana Shoppingworld. At the time ISPT's general manager of retail services described it as a good fit for the trust's investment strategy.
Kawana Shoppingworld is located in Buddina on the Sunshine Coast, with a Big W, Woolworths, Coles and Aldi and other retailers. A cinema complex is being added, due for completion in December 2018.
Also in December, ISPT invested in 50% of the proposed development at 405 Bourke Street, Melbourne.
The 50% stake was purchased from Brookfield who retained the remaining share of the development; a 39-storey building with 31 floors for office space and three levels of retail. NAB has already signed on as the anchor tenant.
ISPT's general manager, commercial services, Michelle McNally said: "405 Bourke Street will set a new benchmark for workplace experience and continues the rejuvenation of our Melbourne office portfolio adding to our developments at 447 Collins Street and 271 Spring Street."
Construction is expected to commence in April with completion scheduled for March 2021.