CorVal manages funds on behalf of a range of investors, including Australian institutions, offshore groups, family offices and both HNW and retail investors.
Since 2009, CorVal has acquired 33 properties with a value in excess of $1.6 billion on behalf of its investors.
CorVal is focused on maximising returns for its investors and is not driven by building funds under management. This is demonstrated by the fact that CorVal has sold 11 properties, representing over 50% of total investments (by acquisition value), delivering returns well in excess of the investors’ original targets (refer Case Studies).
CorVal aims to provide bespoke property investment solutions catering to the individual needs of its broad range of investors, from large institutional groups to retail investors.
Institutional Mandates and Funds
CorVal offers institutional investors the opportunity to invest in Australian commercial real estate through customised separate account mandates, co-mingled funds, clubs or joint ventures. As a boutique fund manager, CorVal has a flexible approach to structuring investments to meet the specific requirements of institutional investors. CorVal provides investors with access to the full range of property investment services from sourcing and acquiring properties, dedicated asset management services across the property risk spectrum, fund structuring, debt procurement, funds management, reporting and disposal.
CorVal’s institutional mandates and funds include:
- A separate account mandate from the Future Fund to acquire and manage a 50% interest in Waterfront Place and Eagle Street Pier in Brisbane. This investment was held in a 50/50 joint venture with the Stockland Group, with CorVal representing the Future Fund on the joint owners’ committee. These assets have now been sold, with further information provided in the Case Studies section.
- The Value Active Fund (VAF), which is an investment vehicle that was established in September 2012 by three large Australian institutions (Future Fund, Victoria Funds Management Corporation and Funds SA) to acquire Australian office and industrial properties. VAF has acquired eight properties for a total purchase consideration in excess of $570m.
- A separate account mandate from Straits Real Estate, a Singaporean investor, to acquire and manage 114-128 William Street, an office building in Melbourne. This asset was sold in November 2016.
CorVal offers wholesale or High Net Worth (HNW) investors, the opportunity to invest in Australian real estate through special purpose trusts. These opportunities are offered via an unregistered Information Memorandum and investors must qualify as a Wholesale Investor as that term is defined in the Corporations Act. The trusts are generally closed-end vehicles, established to acquire single assets or portfolios of assets, which have been identified by CorVal as offering an appropriate risk-adjusted return to investors. CorVal offers investment opportunities across the risk spectrum, including assets that present leasing risk or require active asset management, fund-through developments and long-leased properties. To date, CorVal has established seven HNW trusts.
CorVal offers retail investors the opportunity to invest in Australian real estate through special purpose trusts. These opportunities are offered via a Product Disclosure Statement that is registered with ASIC. Investment amounts may be as low as $10,000 per investor and are structured so as to present retail investors with the opportunity to invest in properties that typically benefit from secure long-term leases to high quality tenants. Investment terms for these trusts are generally between 5 to 7 years. To date, CorVal has established two retail trusts – CorVal Industry House Trust (2009) and the CorVal Property Trust No 2 (2011).
CorVal offers property solutions for large private investors and family investment offices. CorVal creates investment vehicles that cater to these investors specific requirements and provides these investors with the full range of property investment services from sourcing and acquiring properties, dedicated asset management services, fund structuring, debt procurement, reporting and disposal. To date CorVal has acquired c$200m of Australian real estate for family investment offices.