The fund was previously not rated by the agency.
It offers investors exposure to a portfolio of Australian listed property investments managed by two separate property securities managers: Renaissance Asset Management and CFS Global Asset Management.
"CFS Investments is an experienced manager of managers," S&P Fund Services analyst Nathan Bode said.
"S&P views favourably the team's fund and fund manager research experience, as well as its access to and use of an external manager-research and investment consultant. However, the team is relatively small and, in S&P's opinion, would be enhanced by greater delineation of manager-research and portfolio-administration responsibilities.
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