60 Martin Pl (10)

Investa Commercial Property Fund (ICPF)

Our core prime office fund for institutional investors

A diversified commercial property fund

Why invest in ICPF?

ICPF aims to maximise total returns by implementing a low-risk investment approach, focusing on prime-grade offices in major Australian CBD markets. 

With A$5.4 billion in assets under management, ICPF is well-diversified by market, tenant and industry type. It has interests in some of Australia's most highly regarded office towers, including Sixty Martin Place and Deutsche Bank Place (126 Phillip Street) in Sydney, 220 London Circuit in Canberra and 120 Collins Street in Melbourne.
420 George St

ICPF at a glance

15
15
commercial CBD assets in Sydney, Melbourne, Canberra, Brisbane and Perth
$5.4 billion
$5.4 billion
AUM (as at 30 June 2025)
5.12
5.12
 year WALE (weighted average lease expiry)
90.8%
90.8%
occupancy (by income)
5 Star
5 Star
GRESB rating

MSCI/Mercer performance

The fund continues to outperform the benchmark through the cycle over 5, 7 and 10 years. Notably, ICPF is the highest performer in the benchmark over 7 and 10 years.

View from Investa building

ICPF fund structure

Active capital management, conservative gearing

An open-ended core wholesale fund

ICPF has an independent Board and unitholder advisory committee. Units are stapled to ICPF Holdings Limited (ICPFHL), which holds a 50% interest in Investa’s operating platform. 

  • Open-ended, core wholesale fund

  • Transparent disclosure and reporting for governance, risk monitoring and assessment, and optimising performance

  • Responsible investment framework that embeds ESG focused practices into core activities

The minimum investment is A$15 million.

Office image new
120 Collins

Green finance

Invest in sustainable commercial assets

ICPF was the first real estate fund in Australia to issue a green bond, certified by the Climate Bond Initiative. In 2024, the fund achieved it’s target of 100% green debt. The fund has aligned its portfolio’s emissions performance to the Climate Bonds Initiative (CBI) emissions threshold, which requires the portfolio to perform in the top 15% in their relative city in carbon intensity. 

AN EXPERIENCED TEAM

Meet our in-house fund managers and analysts

Headshot - Brendan Looby
Fund Manager

Brendan Looby

Headshot - Lachlan Reid
Assistant Fund Manager

Lachlan Reid

Headshot - Rory Jenkins
Senior Fund Analyst

Rory Jenkins

Headshot - Mischelle Jackman
Investor Relations Executive

Mischelle Jackman

ICPF Board

Strong governance

Chairman
Rebecca McGrath, AM, FAICD
Headshot - Rebecca McGrath, AM, FAICD

Rebecca McGrath, AM, FAICD

Chairman

Rebecca is an internationally experienced business leader with a strong track record in governance and strategy. She was appointed to the boards of Investa Wholesale Funds Management Limited (IWFML) and Investa Commercial Property Fund Holdings (ICPFH) as a Non-Executive Director in October 2018 and was appointed to the role of Chairman in August 2022.

She also brings deep boardroom expertise to Investa Management Holdings (IMH), having joined as a Non-Executive Director in October 2021 and served as Chairman from September 2022 to November 2024.

Her broader board portfolio includes Non-Executive Director roles with Macquarie Group, Macquarie Bank, Djerriwarrh Investments Limited, and UniSuper Limited. She is the former Chairman of OZ Minerals Ltd and has previously held directorships with Goodman Group and the Australian Institute of Company Directors. Rebecca is also involved in the not-for-profit sector as a member of Chief Executive Women, a Non-Executive Director of Melbourne Business School, and a member of the Australian Securities & Investments Commission (ASIC) Director Consultative Panel. 

Prior to her non-executive career, Rebecca spent 23 years as an executive in the energy industry. 

Rebecca holds the degrees of Bachelor of Town Planning (Hons) and Master of Applied Science (Project Management). She has attended executive management programs at Harvard Business School, Cambridge University and Massachusetts Institute of Technology in Boston. She is a Fellow of the Australian Institute of Company Directors and was named a Member of the Order of Australia (AM) for significant service to business through leadership roles in compliance, audit and finance in June 2025.

Non-Executive Director
Graham Pearson, GAICD
Headshot - Graham Pearson

Graham Pearson, GAICD

Non-Executive Director

Graham’s career spans over four decades in commercial real estate, both in Australia and the UK. With 20 years dedicated to the funds management of unlisted real estate funds, his experience covers capital raising, asset management, investment sales, valuation and leasing across all major commercial sectors.

Graham was appointed as a Non-Executive Director of Investa Wholesale Funds Management Limited (IWFML) in September 2022, bringing a depth of market knowledge and boardroom insight.

Graham currently serves as a Non-Executive Director at M3 Property and sits on its Finance and Risk Committee. He is also an Independent Member of the Wingate Direct Property Investment Committee and an External Member of the Board Property Committee at Southern Cross Care NSW & ACT.

He was previously an independent member of the Lend Lease APPF Commercial and Industrial Investor Review Committees, and recently advised an investor group in their negotiations with Mirvac to replace the trustee and manager of the AMP Capital Wholesale Office Fund.

His executive career includes 12 years at Dexus, where he led the management of $13 billion in property funds, including as fund manager of the $8 billion Dexus Wholesale Property Fund. Prior to that, Graham held senior funds management roles at Colonial First State Property and Lend Lease Real Estate Investments.

Graham is a Fellow of the Royal Institution of Chartered Surveyors and a Graduate of the Australian Institute of Company Directors. He holds a Graduate Diploma in Property Investment and Finance together with a degree in Land Economy from Cambridge University.

Non-Executive Director
Jennifer Lambert, FAICD
Headshot - Jennifer Lambert

Jennifer Lambert, FAICD

Non-Executive Director

Jennifer Lambert is a highly regarded company director with extensive leadership across Australia's business, finance, and property sectors. Her board expertise spans listed companies, private enterprises, and not-for-profit organisations.

She was appointed as a Non-Executive Director to the boards of Investa Wholesale Funds Management Limited (IWFML) and Investa Commercial Property Fund Holdings (ICPFH) in October 2021 and later joined the Investa Management Holdings (IMH) board as a Non-Executive Director in September 2022.

Jennifer currently serves as a Non-Executive Director on the boards of BlueScope Steel Limited, NextDC Limited, REA Group Limited and Shore School. She is Chairman of the BlueScope Audit Committee, the NextDC Audit and Risk Committee and the REA Group Audit, Risk and Compliance Committee.

Jennifer's early executive career was at PwC, where she spent over a decade leading audit, acquisitions, disposals and capital raisings across a range of industries including insurance, retail, real estate and buildings materials. She later held CFO roles in the real estate funds management sector at Valad and 151 Property. 

Jennifer is a member of Chartered Accountants Australia and New Zealand (CAANZ) and is a Fellow of the Australian Institute of Company Directors (AICD), where she is a member of the Reporting Committee.

ICPF over the years

Two decades of strong performance

2025

  • Divested 135 King Street to Daibiru

    Investa retained the investment and property management.

135 King Street entrance

2024

  • Completed 39 Martin Place

    The Tzannes-designed 39 Martin Place achieved 94% pre-commitments on completion.
  • Net zero scope 1 and 2 emissions

    In 2024, ICPF achieved net zero scope 1 and 2 emissions for its core managed buildings in the fund. Additionally, 100% green finance was achieved.

  • 120 Collins Street

    A major re-positioning of the asset was completed in 2024, enhancing appeal and delivering strong leasing outcomes.

  • $600m Institutional Term Loan (ITL)

    Executed our first ITL via a $600m issuance.

39 Martin Place

2023

  • Acquired first asset in Canberra, 220 London Circuit

220 London Circuit-1452x1226

2021

  • Recognised as the top-performing fund

    By 2021, ICPF was recognised as the top performing fund on the MSCI/Mercer Australian Wholesale Core Office Fund index across a 5- and 7-year period.
201 Kent St

2017

  • Delivered annual total return of 15.5%

    In June 2017, ICPF delivered an annual total return of 15.5% - and the following year it topped that with a return of 16.4%.
Sydney CBD

2016

  • Investa Property Group Created

    In 2016, Investa Property Group was created – a stapled security between ICPF and ICPF Holdings Ltd. 

  • ICPF acquired 50% interest in Sixty Martin Place

    Later that year, ICPF acquired a 50% interest in the development of Sixty Martin Place, and secured its first US Private Placement (USPP) debt of A$196 million. 
60 Martin Place

2014

  • Acquired its first asset in Perth, 250 St Georges Terrace.

250Georges-1

2013

  • A$2 billion in AUM

    By 2013, the fund had grown to A$2 billion in AUM.
Investa_126 Philip 004

2010

  • Raised A$270 million in new equity

    In 2010, after weathering the global financial crisis, the fund raised A$270 million in new equity, and soon after acquired its first Brisbane asset – 259 Queen Street.
259 Queen Street

2002

  • Launch of ICPF

    Investa launched ICPF in 2002 with A$250 million in AUM. The fund moved quickly to make A$670 million in acquisitions in Sydney and Melbourne. 
126 Phillip Street
39 Martin Place
A quality, award-winning portfolio

Always striving to exceed benchmarks and optimise returns

  • Web icons-built
    #1 Top Performing Fund

    ICPF is the top performing core fund on the MSCI/Mercer Australia Core Wholesale Property Fund Index over 10 year horizon (as at 30 Jun 22)

  • Web icons-built
    Sixty Martin Place

    Rider Levett Bucknall NSW Development of the Year award, 2021

    Property Council of Australia Innovation & Excellence award for Best Public Art, 2022

Register your interest in ICPF

Learn how you can invest in ICPF. Call us on +61 2 8226 9922 or request more information.