Australian Pension Slashes Office Tower Values By Up to 20%
- Country’s second-largest pension sees office values fall 5-20%
- Industry is facing increasing pressure over private assets
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Australia’s second largest pension fund has slashed the value of its local office assets by as much as 20% as commercial property woes hit the country’s biggest landlords.
Australian Retirement Trust, which manages A$240 billion ($159 billion) of assets, said its Australian offices have seen “material downward movements ranging between 5% to 20%,” in an emailed statement. Unlisted property comprised almost 9% of its default pension offering at the end of last year, or about A$4.3 billion.