The biggest players have already laid the foundations
Secondly, this isn’t a new buyer group, although there are new players. Taking EMEA as an example, according to MSCI RCA data, over US$500 million of Australian capital was invested in real estate (mainly by the super funds) in H1 2025, putting 2025 already well-ahead of the pre-Covid-19 annual average of US$850 million. Aware Super and AusSuper – the two giants of the industry – have been very acquisitive. The former, for instance, has openly said in the media that, after spending US$1.3 billion in UK and European real estate since it opened a London office in 2023, it intends to invest more, favouring offices, logistics and student housing. Given the sheer scale of the market, it also plans to pursue more opportunities in the US.