Perennial Real Estate Investment has picked up an important new mandate from Australian Primary Superannuation Fund to manage a global property securities mandate.
The mandate, which was funded in March, was announced this week by the managing director of Perennial Investment Partners, Anthony Patterson, who said he regarded it as an endorsement of the Perennial Real Estate Investments team and the global asset class.
He said with over one-third of the Australian listed property trust market invested in offshore property, clients had indicated their preference for investing directly in the global property securities market.
The sovereign wealth fund grew $11.5 billion in the March quarter, according to its latest portfolio update, having previously voiced caution about inflation’s downward trajectory.
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
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