Vision extends property exposure

Vision Super has moved to strategically expand its property exposure with the appointment of four new managers who will handle mandates totalling more than $155 million.

Three of the mandates are targeted at domestic property, while the fourth is targeted at international property private equity.

Vision announced this week that three domestic property commitments consisted of $75 million directed towards the Eureka Core Property Fund 3, $30 million directed to the Investa Enhanced Fund covering property private equity and $20 million to the Gresham Property Fund 3.

The superannuation fund said it had also directed funds to international property private equity, with $US30 million being allocated to the Macquarie Wanda Real Estate fund, which has significant investments in Chinese shopping centres.

Commenting on the new allocations, Vision chief executive officer Rob Brooks said the fund was implementing a long-term strategy of further diversifying its property asset class to counter compressed yields in core Australian direct property.

“The opportunities in Australia’s direct property market are becoming tighter at this stage in the cycle, and Vision will continue to look for opportunities overseas to offer our members a more diverse source of returns in their retirement savings,” he said.