The ASB Community Trust, an Auckland-based philanthropic foundation with NZ$1.1 billion under stewardship, wants to increase its property allocation by 150 per cent.

The trust has appointed consulting actuaries Melville Jessup Weaver to assess property funds managers as it increases its total commitment to the asset class from 2 to 5 per cent of total funds. It had set a strategic target of 5 per cent for investments in property funds some years ago but to date only one mandate, to the Russell Global Real Estate fund, has been allocated. “We’ll most likely stay in REITs, because they are a bit more liquid,” Matthew Stratton, investment administrator for the trust, said. He said the search for managers was in pre-tender stage. “We’re not sending out RFPs; we’re sending out some requests for information.” Since its 1988 inception, the trust has donated an average of NZ$40 million each year. In total, it has distributed more than NZ$600 million to the community. It was founded by the sale of NZ$60 million in prepaid normal shares in the Auckland Savings Bank.

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