Funds & Investments
Funds & Investments
Syndicates
RF CorVal Baxter Road Hotel Trust – Under Development
The Trust owns a site on Baxter Rd within the Sydney Airport precinct. On completion the hotel will operate as Moxy Sydney Airport, under a management agreement with Marriott International. The hotel will offer 301 guestrooms, the signature Moxy Bar and check in experience, a café and all-day dining venue, conference and meeting rooms, guest laundry and gymnasium.
- Property
56 Baxter Road, Mascot, NSW
- Projected Opening Date
Early 2023
- Hotel Operator
Marriott International – Moxy Hotels Brand
RF CorVal 54 Waterloo Road Trust
The trust owns the 6-level high quality and well located A grade office building constructed for swiss pharmaceutical company, Novartis, in 2015. The specifications and quality of the building is superior to many of the typical office buildings within Macquarie Park, with features including high speed glass lifts, glass atrium area incorporating internal stairs and extensive end of trip facilities.
- Property
54 Waterloo Road, Macquarie Park, NSW
- Purchase Date
October 2019
- Purchase Price
$62.2 million
- NLA (sqm) approximate
8,100
RF CorVal Montague Trust
The trust owns a state-of-the-art packing and distribution facility, that upon completion in 2020, will be fully leased to Montague for an initial term of 20 years. Operating for over 70 years Montague is a well established grower and distributor in the fresh fruit industry, with long standing relationships with both major supermarkets in Australia, Coles and Woolworths.
- Property
18 Horswood Road, Narre Warren North, VIC
- Purchase Date
August 2019
- Purchase Price
$32.5 million
- NLA (sqm) approximate
18,000
RF CorVal Manufactured Housing Estate Fund
This Fund has been established to build a portfolio of Manufactured Housing Estate (MHE) properties under a “develop to own” strategy, providing Australia’s ageing population with attractive, affordable accommodation.
A MHE is a land lease community in which residents acquire and own their own individual home but lease the land, upon which the home is built, from the owner of the estate under long term Site Agreements.
The Fund has partnered with Vivacity, a specialist operator of MHE property assets that will be responsible for sourcing and acquiring sites, developing the respective MHE properties, marketing the individual MHE properties to residents as well as the ongoing operation of the completed estates.
An initial equity raise for the RF CorVal Manufactured Housing Estate Fund was completed in August 2019 raising circa $37.9 million of equity.
RF CorVal 40 Cameron Avenue Trust
The trust owns the A-grade office building located on a large corner site of 16,620 sqm at the corner of Cameron Avenue and Chandler Street in Belconnen, Canberra.
- Property
40 Cameron Avenue, Belconnen, ACT
- Purchase Date
July 2018
- Purchase Price
$23.90 million
- NLA (sqm) approximate
14,900 sqm
RF CorVal 26 Flinders Street Trust
The trust owns the 17 level B grade office tower centrally located within the Adelaide CBD. It is well serviced by public transport, with access to trams at Victoria Square (200 m away) and the Adelaide Railway Station (700 m), and is located in the immediate proximity to Adelaide's major thoroughfare, King William Street, Rundall mall and the recently upgraded Victoria Square.
- Property
26 Flinders Street, Adelaide, SA
- Purchase Date
July 2018
- Purchase Price
$36.00 million
- NLA (sqm) approximate
10,300 sqm
RF CorVal 56 Byron Road Trust
The trust owns the residential property located at 56 Byron Road, Leppington. Development approval was achieved in June 2019 with subdivision works to be completed in 2020.
- Property
56 Byron Road, Leppington, NSW
- Purchase Date
April 2018
- Purchase Price
$7.90 million
- Area (sqm) approximate
24,200 sqm
RF CorVal Corporate Centre Trust
The trust owns the 16 level Corporate Centre One A grade office tower and adjoining 11 level Wyndham Corporate Centre A grade office tower, together with a 24 hour fitness centre and 399 car parking bays.
- Property
Gold Coast Corporate Centre, Bundall, QLD
- Purchase Date
June 2017
- Purchase Price
$89.00 million
- NLA (sqm) approximate
21,100 sqm
RF CorVal Ingham Murray Bridge Trust
The trust owns a state of the art feedmill facility, that upon completion in 2018, was fully leased to the ASX listed Inghams Group for an initial term of 25 years (plus an additional five x 10 year options).
- Property
662 Flagstaff Road, Murray Bridge, SA
- Purchase Date
June 2017
- Purchase Price
$53.00 million
- NLA (sqm) approximate
22,900 sqm
RF CorVal Truganina Land Trust
The trust has a 50% economic interest in the property located at 848-950 Boundary Road, Truganina. The property comprises approximately 87 ha and is a regular shaped parcel of land located to the north of Boundary Road with an approximate street frontage of 1,620 metres.
- Property
848-950 Boundary Road, Truganina, Victoria
- Date Interest Acquired
January 2017
- Purchase Price
$8.5 miliion
- Land area (ha) pproximate
87 ha
RF Corval Workzone Trust
The trust owns an office building located within Perth's City Fringe office/mixed use precinct. the building was recently constructed in 2013 and provides high quality, A-grade office accommodation, which is fully leased to four tenants including CPB Contractors, Telstra and BP.
- Property
Workzone East, 1 Nash Street, Perth, WA
- Purchase Date
December 2016
- Purchase Price
$68.25 million
- NLA (sqm) approximate
12,400 sqm
RF Corval 37 Epping Road Trust
The trust owns an office building located in Macquarie Park, Sydney's third largest office precinct, which is 12 kilometres from the Sydney CBD. The building was completed in 2003 and is fully leased to three tenants.
- Property
37 Epping Road, Macquarie Park, NSW
- Purchase Date
August 2016
- Purchase Price
$34.00 million
- NLA (sqm) approximate
8,000 sqm
RF Corval Puma Trust
The trust owns an office building, located in Hamilton, a suburban market between the Brisbane CBD and the airport. This property was acquired on a fund-through basis and is fully leased to Puma Energy, a global oil group, for an initial lease term of 15 years.
- Property
MacArthur Avenue, Hamilton, QLD
- Purchase Date
August 2015
- Purchase Price
$31.23 million
- NLA (sqm) approximate
6,000 sqm
RF Corval Woolstores Trust
The trust owns 3 former woolstores located in Alexandria, a sub-market to the south of the Sydney CBD. These woolstores have been converted into high quality, creative office space and are leased to a number of tenants including, Thyssenkrupp, Swarovski, Logitech and Living Edge.
- Property
4C-4E Huntley Street, Alexandria, NSW
- Purchase Date
April 2015
- Purchase Price
$51.75 million
- NLA (sqm) approximate
10,000 sqm
RF Corval Ingham Holding Trust
The trust, through wholly owned sub trusts, currently owns three industrial properties, having sold three others in January 2020. The properties are 100% leased to the Ingham Group (one of Australia’s largest poultry producers) until 2034 (for two of the properties) and 2039 (for the remaining property). The leases are structured on a triple net basis, with the tenant responsible for all property operating costs, repairs and maintenance and capital expenditure for the term of the leases.
- Properties
119-125 Grant Road, Somerville, VIC
9 Baden Street, Osborne Park, WA
82 Tasman Highway, Sorell, TAS (SOLD)
30 Cutrock Road, Lisarow, NSW (SOLD)
23 Rockford Road, Tahmoor, NSW (SOLD)
Cormack Road, Wingfield, SA - Purchase Date
November 2014
- Purchase Price
$99.67 million
- NLA (sqm) approximate
64,500 sqm
- Disposal Date
January 2020 (three of six properties sold)
- Disposal Price
$60.5 million
RF Corval Pact Trust
The trust, through wholly owned sub trusts, owns three industrial properties. The properties are 100% leased to the ASX listed Pact Group until 2029 on a triple net basis, with the tenant responsible for all property operating costs, repairs and maintenance and capital expenditure for the term of the leases.
- Properties
406 Marion Street, Condell Park, NSW
13 Joel Court, Moorabbin, VIC
173 Bannister Road, Canning Vale, WA - Purchase Date
May 2014
- Purchase Price
$37.55 million
- NLA (sqm) approximate
33,700 sqm
Corval Pennant Hills Trust – Realised Investment
The trust owned an office asset located in Pennant Hills, a Sydney suburban market. The property provides large, sub-divisible floor plates with good natural light and views of Sydney and is multi-let to a number of tenants, including NBN Corporation and other government tenants. This property has since been sold, with further information provided in the “Case Studies” section.
- Property
1 City View Road, Pennant Hills, NSW
- Purchase Date
September 2013
- Purchase Price
$18.75 million
- NLA (sqm) approximate
8,500 sqm
- Disposal Date
October 2015
- Disposal Price
$43.25 million
Corval 75 George Street Trust - Realised Investment
The trust owns a B-grade office building, located in the heart of the Parramatta CBD. The property offers large, 1,850 sqm floor plates with good natural light and a high car parking ratio. The building is multi-let with the major tenant, St George Bank, occupying over 70% of the office space. Further information is provided in the “Case Studies” section.
- Property
75 George Street, Parramatta, NSW
- Purchase Date
January 2013
- Purchase Price
$32.55 million
- NLA (sqm) approximate
9,500 sqm
- Disposal Date
January 2018
- Disposal Price
$86.30 million
Corval Mount Gravatt Trust– Realised Investment
The trust owned a B-grade office building, located in Upper Mount Gravatt, Brisbane’s largest suburban office market. The property was refurbished and leased to a number of major corporations, including NAB, Coles, Bunnings and Panasonic.
- Property
96 Mount Gravatt-Capalaba Road, Upper Mount Gravatt, QLD
- Purchase Date
March 2012
- Purchase Price
$15.50 million
- NLA (sqm) approximate
7,500 sqm
- Disposal Date
January 2017
- Disposal Price
$29.75 million
Institutional Mandates
Straits Real Estate Mandate - Realised Investment
114-128 William Street, Melbourne is a multi-leased, B-grade office building located on the corner of William and Little Collins Streets in the financial and legal precincts of the Melbourne CBD. It occupies a corner site and provides four sides of good natural light and views. This property has since been sold.
- Property
114 -128 William Street, Melbourne, VIC
- Purchase Date
August 2015
- Purchase Price
$125.00 million
- NLA (sqm) approximate
21,000 sqm
- Disposal Date
November 2016
- Disposal Price
$161.46 million
Future Fund Mandate – Realised Investment
Waterfront Place is a premium grade office tower located within the “golden triangle” of Brisbane’s CBD, and is leased to a number of major corporations and professional services firms. Acting on behalf of the Future Fund, RF Corval acquired a 50% interest in this property from Stockland in 2011. This property has since been sold. Further information is provided in the “Case Studies” section.
- Property
1 Eagle Street, Brisbane, QLD
- Purchase Date
May 2011
- Purchase Price
$432.75 million (100%)
- NLA (sqm) approximate
59,500 sqm
- Disposal Date
September 2015
- Disposal Price
$592.00 million (100%)
Eagle Street Pier is a restaurant and entertainment complex occupying a prime position on the Brisbane River and offering a mix of casual and fine dining. Acting on behalf of the Future Fund, RF Corval acquired a 50% interest in this property from Stockland in 2011. This property has since been sold, delivering the Future Fund with a return in excess of the initial return target for this investment.
- Property
Eagle Street Pier, Brisbane, QLD
- Purchase Date
May 2011
- Purchase Price
$32.00 million (100%)
- NLA (sqm) approximate
6,200 sqm
- Disposal Date
September 2015
- Disposal Price
$43.00 million (100%)
Institutional Funds
Value Active Fund - Realised Investments
The Value Active Fund (VAF) 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 acquired eight properties for a total purchase consideration in excess of $570m, which have all now been sold, having executed the relevant asset management strategies and delivered superior risk-adjusted returns to the investors.
- Property
160 Ann Street, Brisbane, QLD
- Purchase Date
September 2012
- Purchase Price
$74.79 million
- NLA (sqm) approximate
16,000 sqm
- Disposal Date
September 2017
- Disposal Price
$119.50 million
- Property Description
The property is a B-grade office building located in the government and legal precinct of the Brisbane CBD. The property is multi-leased on relatively long leases.
- Property
9 Hunter Street, Sydney, NSW
- Purchase Date
December 2012
- Purchase Price
$72.26 million
- NLA (sqm) approximate
15,600 sqm
- Disposal Date
December 2017
- Disposal Price
$202.00 million
- Property Description
The property is a B-grade office building located in the heart of the Sydney CBD. The property is multi-leased to a diverse group of over 20 tenants. Further information is provided in the “Case Studies” section.
- Property
45 Pirie Street, Adelaide, SA
- Purchase Date
June 2013
- Purchase Price
$87.00 million
- NLA (sqm) approximate
19,800 sqm
- Disposal Date
August 2017
- Disposal Price
$105.0 million
- Property Description
The property is an A-grade office building occupying a prime location in the Adelaide CBD. The property is leased to a number of tenants with the major tenant being the state government (Attorney General’s Department.
- Property
80 Stirling Street, Perth, WA
- Purchase Date
June 2013
- Purchase Price
$72.15 million
- NLA (sqm) approximate
19,700 sqm
- Disposal Date
November 2016
- Disposal Price
$35.00 million
- Property Description
The property is a B-grade office asset located on the northern fringe of the Perth CBD and occupied by Telstra on a short term lease. The property offers an opportunity for future redevelopment as office or a mixed-use scheme.
- Property
7-23 Dunmore Drive, Truganina, VIC
- Purchase Date
February 2014
- Purchase Price
$47.64 million
- NLA (sqm) approximate
17,000 sqm
- Disposal Date
May 2017
- Disposal Price
$66.0 million
- Property Description
The property is a newly constructed, temperature controlled industrial facility located in Truganina, a logistics sub-market to the west of Melbourne. The property is 100% leased to the Montague Group, a cold storage operator, until 2034.
- Property
67 Albert Avenue, Chatswood, NSW
- Purchase Date
May 2014
- Purchase Price
$81.64 million
- NLA (sqm) approximate
15,000 sqm
- Disposal Date
April 2019
- Disposal Price
$158.0 million
- Property Description
The property is a multi-leased, A-grade office building, located in the Chatswood sub-market, 10 kms north of the Sydney CBD. The property benefits from excellent access to retail amenities and public transport links, being 100m from the Chatswood interchange and major shopping centres.
- Property
140 Arthur Street, North Sydney, NSW
- Purchase Date
December 2012
- Purchase Price
$39.10 million
- NLA (sqm) approximate
8,300 sqm
- Disposal Date
August 2015
- Disposal Price
$58.20 million
- Property Description
The property is a B-grade office building located in North Sydney. RF Corval acquired the property in 2012 and successfully implemented a pro-active capex and leasing strategy.
- Property
78 Waterloo Road, Macquarie Park, NSW
- Purchase Date
September 2013
- Purchase Price
$71.80 million
- NLA (sqm) approximate
14,900sqm
- Disposal Date
December 2015
- Disposal Price
$106.00 million
- Property Description
The property is an A-grade office building located in Macquarie Park. RF Corval acquired the property in 2013, and successfully implemented a pro-active capex and leasing strategy. This asset has since been sold. Further information is provided in the “Case Studies” section.
Value Active Fund 2
The Value Active Fund 2 (VAF2) is an investment vehicle that was established in September 2017 by Victoria Funds Management Corporation and Funds SA, two of Australian largest institutional investors to acquire Australian office and industrial properties. To date, VAF2 has acquired three properties for a total purchase consideration in excess of $240m.
- Property
66 St Georges Terrace, Perth, WA
- Purchase Date
February 2019
- Purchase Price
$71.82 million
- NLA (sqm) approximate
11,300 sqm
- Property Description
The property is an A-grade office building located in the heart of the Perth CBD. The property is multi-leased but was acquired with some vacancy, much of which has been leased since acquisition.
- Property
71 Gipps Street, Collingwood, VIC
- Purchase Date
December 2019
- Purchase Price
$75.50 million
- NLA (sqm) approximate
8,600 sqm
- Property Description
The property is currently under construction and, on-completion will offer a high quality, boutique office property in the fringe Melbourne market of Collingwood. The property has been acquired on a fund-through basis and benefits from a pre-commitment to IWG (previously Regus) over 40% of the space.
- Property (50%)
The Octagon, 110 George Street, Parramatta, NSW
- Purchase Date
December 2019
- Purchase Price
$94.15 million
- NLA (sqm) approximate
21,000 sqm
- Property Description
The property is a B-grade office building occupying a large, central site in the Parramatta CBD. The property is primarily leased to government tenants and presents a number of future strategies, including refurbishing and repositioning the existing building or potentially undertaking a large-scale office redevelopment.
Private Mandates
Australian Family Office Mandate
- Property
485 Dohertys Road, Truganina, VIC
- Purchase Date
May 2011
- Purchase Price
$57.30 million
- NLA (sqm) approximate
69,100 sqm
- Disposal Date
August 2016
- Disposal Price
$102.50 million
- Property Description
The property is a newly constructed distribution centre located in the industrial precinct of Truganina, 19 kms to the west of Melbourne. The property is fully leased to Coles until 2032. Further information is provided in the “Case Studies” section.
- Property
520 Smollett Street, Albury, NSW
- Purchase Date
November 2012
- Purchase Price
$49.10 million
- NLA (sqm) approximate
10,800 sqm
- Disposal Date
October 2015
- Disposal Price
$64.80 million
- Property Description
The property is a newly constructed, A-grade office building located in the NSW regional centre of Albury, leased to the Australian Tax Office. This asset has since been sold, delivering its investor with a return in excess of the initial return target for this investment.
German Family Office Mandate
- Property
151 Macquarie Street, Sydney, NSW
- Purchase Date
June 2014
- NLA (sqm) approximate
4,500 sqm
- Property Description
The property is a modern, boutique, A-grade office building located on the eastern side of the core precinct of the Sydney CBD. The property is opposite the Royal Botanic Gardens and offers the tenants high quality office space with uninterrupted views across Sydney Harbour. RF Corval acquired this property in 2014 on behalf of a German family investment office.
Retail Trusts
Corval Industry House Trust (CIHT) - Realised Investment
Industry House is an A-grade, 14 storey office building located in the Canberra CBD. The property is 99% leased to the Commonwealth of Australia until December 2021. It was acquired for RF Corval's first retail investor trust (CIHT), which was established 2009. This property has since been sold, delivering investors with a return in excess of the initial return target for this investment.
- Property
Industry House, 10 Binara Street, Canberra, ACT
- Purchase Date
June 2009
- Purchase Price
$123.00 million
- NLA (sqm) approximate
25,200 sqm
- Disposal Date
October 2013
- Disposal Price
$151.70 million
Corval Property Trust No 2 (CPT2)
The Corval Property Trust No 2, via investments in two separate trusts, has an exposure to two property assets, namely:
- 49.99% of the Australian Red Cross Blood Service property located at 17 O’Riordan Street, Alexandria, NSW; and
- 100% of 17 Moore Street, Canberra, ACT.
17 O’Riordan Street, Alexandria, comprises a three level purpose built commercial office, warehouse and laboratory facility that was completed in January 2011. The property is fully leased to the Australian Red Cross Blood Service until 2031. CPT2 disposed of its 49.99% interest in this property in July 2016.
- Property
17 O'Riordan Street, Alexandria, NSW
- Purchase Date
June 2011
- Purchase Price
$71.00 million (100%)
- NLA (sqm) approximate
12,700 sqm
- Disposal Date
July 2016
- Disposal Price
$112.9 million (100%)
17 Moore Street, Canberra comprises a seven level office building, with 100% of the property income secured by a lease to the Australian Commonwealth Government (Department of Education, Employment and Workplace Relations (DEEWR)) through until October 2016.
- Property
17 Moore Street, Canberra, ACT
- Purchase Date
June 2011
- Purchase Price
$19.00 million
- NLA (sqm) approximate
5,900 sqm
- Disposal Date
January 2019
- Disposal Price
$20.65 million