The Australian Primary Superannuation Fund has awarded a global property securities mandate to Perennial Real Estate Investments.

Stephen Hayes, managing director of Perennial Real Estate, said the firm took an unconstrained approach to investing, rather than using a benchmark. He said Perennial took a bottom-up stock selection approach, targeting quality assets, with good rental credentials and strong management. “Taking a longer-term view, a rapidly developing asset class, like global property securities, is ideally suited to active investment management.” The Australian Primary Superannuation Fund provides super to the agricultural and seafood industries in rural, regional and coastal areas. The fund was formed through the merger of four rural and regional super funds: National Superannuation Plan, Australian Farm Superannuation Plan, Rural Employees Agricultural Plan and Gro-Sage Superannuation Fund. Perennial Real Estate Investments has funds under management of $1.5 billion and is one of six investment boutiques within the Perennial Investment Partners Group.