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IT
Rest invests $390m in US REIT
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Financial Standard
Rest has made a $390 million (US$250m) contribution as part of a co-investment with funds managed by Blue Owl Capital into US-based real estate investment trust STORE Capital.
The super fund said the property investment shows how growing demand for alternative sources of commercial finance reflects the opportunities created by changes to debt financing markets.
STORE Capital acquires commercial properties from business owners and then leases those properties back to the business owners under long-term 'triple-net leases', commonly for durations of around 20 years.
Bambrook said the STORE Capital portfolio will assist with diversifying Rest's property holdings with greater exposure to assets in the retail and industrial sectors.
All the properties are subject to long-term triple-net leases.
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