The Catholic Superannuation and Retirement Fund (CSRF) has moved to increase its property exposure, awarding mandates to Lend Lease and Trinity and restructuring its listed property exposure.
Lend Lease emerged as the major beneficiary, picking up mandates totalling $52 million, spread across its Core Plus Property Fund ($25 million), its Industry Property Fund ($25 million) and its Retail Property Fund ($2 million).
Trinity has been awarded $15 million within its Opportunity Fund.
Commenting on the move, CSRF chief executive Greg Cantor said that it was aimed at increasing investment diversification while reducing risk.
He said in addition to the mandates, CSRF had restructured its listed property sub-asset classes by allocating 50 per cent of its listed property exposure to international mandates, with AMP and Investco each receiving $36 million,
Cantor said the fund also had two Australian listed property managers in Legg Mason and Renaissance, each with similar amounts.
“Overall, the fund has $144 million in the listed property sector, with 25 per cent allocated to each manager, equally divided between Australian and international assets,” he said.
