Asset Super increases unlisted property exposure

Asset Super has beefed up its exposure to unlisted property investments.

After a recommendation from its asset consultant, Mercer, Asset has allocated $8 million into Lend Lease's Australian Premium Property Fund (APPF) Industrial Fund, a wholesale industrial property fund currently operating within Australia.

The fund has also pumped up its investment in the Lend Lease APPF Retail Fund with an $8 million allocation.

This adds to the $11 million that was allocated in December 2008 and means the fund has almost $20 million in the APPF Retail Fund product..

"These two latest property investments bring the total unlisted property exposure of the fund to almost $28 million," Asset chief executive John Paul said.

In April, Asset invested $12 million in the global private equity market. The investment targeted the secondaries market, investing in the LGT Crown Global Secondaries II Fund, which is managed by Ireland-based firm LGT Fund Managers.

- Alice Uribe