The Property & Infrastructure (P&I) portfolio delivered a return of +5.6% in December versus its benchmark of +5.9%. Some companies that positively contributed to returns in the portfolio were:

Early childhood education centre owners Charter Hall Social Infrastructure (+11%) and Arena (+11%) both announced revaluations for their property portfolios for the last 6 months. These saw +12% and +14% uplifts in the book value of their assets respectively. This reflects continued strong demand from investors for childcare properties in Australia, which have proved resilient despite COVID restrictions.

Infratil (+3%) announced the further expansion of its diagnostic imaging business, acquiring Bay Radiology and Auckland Radiology Group. The company has now cumulatively invested around $700 million in this business as it successfully re-deploys proceeds from its sale of Tilt Renewables.