Aware Super wins the Direct Strategy award on the strength of a well-articulated submission that shows a sophisticated and disciplined strategy. The Australian superannuation fund has built a genuinely compelling hybrid model, combining direct platform ownership with carefully selected strategic partnerships, which delivers governance influence, operational expertise and capital efficiency in equal measure.

The growth trajectory is striking: direct real estate investments scaled from approximately A$900m in December 2017 to A$5.4bn by December 2025, reflecting a long-term conviction in the structural advantages of internalised capability and active ownership. Sector allocation is thoughtful and forward-looking, weighted toward residential, retirement living and industrial and logistics, all of which are underpinned by durable demographic and macroeconomic tailwinds. The partnership with Delancey in the UK, the full acquisition of Oak Tree Group and the selective re-entry into European retail through McArthurGlen all demonstrate a decisive and highly engaged investor. A thoroughly deserving winner.