Australian pensions cut office property values ​​by up to 20%

Australia’s second-largest pension fund has slashed the value of its local office assets by up to 20% as commercial property problems affect the country’s largest landlords.

Australian superannuation trust, which manages assets worth A$240 billion ($159 billion), said in an emailed statement that its Australian offices have seen “significant downward movements ranging from 5% to 20%.” . Composite unlisted property almost 9% of its default pension offer at the end of last year, or about A$4.3 billion.