Centro Properties Group (Centro) attracted a total of $864 million to its managed funds businesses for the year to June 2007.
The figure exceeded the group's expectations and was partially driven by the influx of money into superannuation accounts before the July 1 tax deadline.
Centro chief executive Andrew Scott said that inflows so far for July were also up and that 70 per cent of the money that came in was allocated to international retail property.
Australian institutional investors are increasingly looking overseas to diversify their property portfolios as the home market starts to saturate. In particular, they are looking to Europe.
Over 50 per cent of the US$12 billion ($14 billion) that Australians invested overseas in 2006 went to Europe.
Centro raised $359 million through its Direct Property Fund and the Direct Property Fund International, $339 million through its Centro Retail Trust, $114 million through Centro MCS Syndicates and $52 million through the Centro America Fund.
"We are pleased to have seen significant co-investment into the new Centro America Fund, particularly as it was only launched three months ago and we expect growing momentum over coming months," Centro general manager for institutional funds Philippa Kelly said.
