AustralianSuper chief investment officer Mark Delaney has confessed that the $280 billion industry fund’s property investments are “really disappointing” and says he would not hesitate to terminate internal investment teams that fail to deliver adequate returns.

The super fund has about 6 per cent* allocated to property in its balanced option, but Mr Delaney says that apart from a $1.3 billion deployment in London’s Kings Cross precinct, most of the fund’s real estate investments “hadn’t been good at all”.