The $175 billion industry superannuation fund Aware Super is working up a refreshed real estate strategy that will increase its holdings offshore and tap into global distress in commercial property, with unloved London office blocks high on the target list.

With about $11 billion in its property portfolio, Aware has been unafraid of going early and hard with a countercyclical strategy, including previously reducing its exposure to the traditional property staples of office and retail a decade ago as it shifted into residential space of all kinds.