Australia’s second-biggest superannuation fund has scaled back its investments in office towers and retail real estate by around 20 per cent and is “more wary” of the sector after COVID-19 drove workers from city centres.

Australian Retirement Trust chief investment officer Ian Patrick said the $240 billion fund (created via a merger between SunSuper and QSuper) had sold a number of offices and a shopping centre in the past three years, and was instead pouring members’ savings into logistics, medical offices and storage infrastructure.