ISPT s retail property trust boosts fund

ISPT’s retail property trust boosts fundThe ISPT Retail Australia Property Trust (IRAPT), which recently boosted its portfolio with the acquisition of three retail centres in a joint venture with Coles Group Property Development (CGPD), is looking for further investments.ISPT has a 75 per cent interest in the properties – two retail centres in Melbourne and one in Perth – while CGPD retains a 25 per cent interest.The deal comes at the end of the $460 million trust’s first year. IRAPT said it is looking to make further investments in retail assets. Specifically, its strategy is to target non-discretionary retail with an emphasis on food sales through grocery-based anchors. This is to be complemented by food and service specialty retail.IRAPT’s focus is on convenience retailing in neighbourhood and smaller subregional shopping centres across Australia because this asset class has proven to be resilient and an effective inflation hedge.