Raiz’s Superestate adds new property to its growing Super Fund
Superestate, recently acquired by ASX-listed fintech Raiz Invest, has completed the purchase of its ninth investment property to add to its growing super fund.
The latest property, which is a four-bedroom luxury house located in the suburb of Harrison, adds to the growing portfolio of properties managed by Superestate in their residential REIT and customers can invest in through the Superestate superannuation fund.
Superestate is popular amongst younger Australians, who find residential real estate a relevant asset class for their superannuation.
“Feedback from our customers around the property investment option is very positive,” says Superestate CEO Grant Brits.
“Although we also invest member funds in traditional investment assets like shares, infrastructure, and cash, our residential property portfolio is really attracting attention and sets us apart from most other super funds.
“We’re pleased to add another property to our growing portfolio and will continue to add more in due course,” says Brits.
With the acquisition now complete, Raiz Invest Australian CEO, Brendan Malone, is delighted to see another property added to Superestate’s property portfolio.
“The ability to offer residential property as an asset class in superannuation is a game changer and enabling customers to diversify their investments and get access to an asset class they may find more relevant.
“With the successful completion of our acquisition, we’re now working through an integration strategy and look forward to soon being able to offer a residential REIT on the Raiz platform so more of our customers can benefit from the asset class.”
Raiz enjoyed a strong performance in July 2021, which included for the first time Superestate’s Funds Under Management (FUM). That added $71.6 million to the overall superannuation FUM to reach $181 million, a 69.8% increase and an extra 6,073 Active Customers.
“Superestate’s contribution aside, we were on target to hit our $1 billion FUM by the end of this calendar year. Our retail FUM gained a solid 4.4% in July with $732.82 million, and total FUM of $904.82 million,” says Malone.
