“We are looking to acquire attractively priced property on a risk adjusted basis. We are willing to move offshore to source such properties,” Unisuper chief investment officer David St John said.
The fund’s only exposure to international property remains through its investments in listed property trusts.
The fund already manages $1.8 billion in domestic property with 30 per cent invested in listed and 70 per cent invested in unlisted property.
Over the past 12 months the fund has added $500 million to its unlisted property portfolio including investments in the GPT Wholesale Office Fund, the AMP Wholesale Office Fund, the Macquarie Goodman Wholesale Fund (Industrial) and the Macquarie Park Trust, which is managed by Stockland.
The fund has made further direct property investments in the redevelopment of a mall in Dapto NSW and in an industrial property in Revesby in NSW. These properties are managed by AMP on behalf of Unisuper.
Additional investments were made to the ISPT Core Fund and the ISPT 50 Lonsdale Street Property Trust.
