ICPF

As our core prime office fund for institutional investors, Investa Commercial Property Fund (ICPF) aims to optimise total returns with a low-risk investment approach, concentrating on Premium-grade office assets in the major Australian CBD markets.

With more than $4.1 billion in assets under management, ICPF is well-diversified by market, tenant and industry type, with an active capital management approach and a conservative gearing profile.

With interests in some of Australia's most pre-eminent office towers, the fund has been regularly recognised domestically and globally for outperformance across a range of environmental and responsible investment benchmarks.

Fund snapshot

$4.1 billion

Assets under management

14

Investments

5.7 years

Weighted average lease expiry

$15 million

Minimum Initial Investment

97.2%

Occupancy (by income)

4.6 Stars

NABERS Energy rating

*As at 30 December 2016

Fund Portfolio

ICPF’s portfolio of 14 assets includes interests in some of Australia’s leading office buildings, including Deutsche Bank Place at 126 Phillip Street, Sydney and 120 Collins Street, Melbourne.

View portfolio

Key Facts

Open-ended wholesale fund, with a majority independent Board;
Responsible investment framework with a clear strategy for embedding environmental, social and governance (ESG) focused practices into the core activities of the fund.
Transparent disclosure and reporting, via a robust framework that ensures ICPF’s governance objectives are met, risk is monitored and assessed and performance is optimised.
Units are stapled to ICPF Holdings Limited (ICPFHL)

For more information, please contact us on investors@investa.com.au. Existing investors can obtain detailed information on the fund, its performance and their holding via the ICPF Investor Portal using their secure login.

Fund History

2002 - 2007

ICPF was launched in November 2002 with ~$250m of assets under management
$670m of acquisitions completed over the period across the Sydney and Melbourne office markets, including interests in core assets such as 126 Phillip Street, Sydney, 400 George Street, Sydney and 242 Exhibition Street, Melbourne.
September 2007: Investa Property Group (ASX: IPG), including the Responsible Entity of ICPF, is acquired by funds managed by Morgan Stanley Real Estate Investing (MSREI) and delisted from the ASX.

2008 - 2010

Portfolio quality improved over the period, with ~$375m of prime office acquisitions and the disposal of ~$154m non-core assets.
~$270m of new equity raised in 2010 with the recovery from the GFC
In August 2010, ICPF re-launched with a large capital raising and underwent a significant repositioning. Market-leading governance enhancements were also introduced.

2011 - 2013

The fund experienced portfolio growth, diversification and quality improvement through;
- ~$150m of non-core asset sales; and
- ~$860m of prime office acquisitions made, including:
  - Interests in 126 Philip Street, Sydney, 400 George Street, Sydney, 120 Collins Street, Melbourne
  - 50% of the 567 Collins Street, Melbourne development (JV with Investa Office Fund ASX:IOF)
  - 259 Queen Street, Brisbane - the fund's inaugural investment in the Brisbane CBD office market
$576m of new equity raised over 2011-2013, with a significant portion from new investors, providing significant diversification of the fund’s equity register.
From July 2013, there was a shift in the management platform’s operating model with the introduction of the "First Choice", customer centric operating model – this shift included a geographic and line reporting re-structure of the real estate service teams across the portfolio to enable enhanced service delivery to customers (both tenants and investors). A formal split of the office and land business within Investa also occured.
ICPF grows to $2 billon in assets under management as at December 2013

2014

~$700m of acquisitions completed over the period, including a 50% interest in QV1, 250 St Georges Terrace, Perth, its inaugural investment in the Perth office market
$528m of new equity raised over the calendar year
In December 2014, Morgan Stanely Real Estate Investing (MSREI) begins the sale process to exit its investment in Investa Property Group, which include the Responsible Entity of ICPF.

2015

February 2015: ICPF agreed terms to acquire 3 strategic assets from Morgan Stanley Real Estate Investing (MSREI): 1% of 126 Phillip Street, Sydney, 50% of 1 Market Street, Sydney and 50% of 60 Martin Place, Sydney.
April 2015: non-core asset 6-7 Eden Park Drive, North Ryde sold
September 2015: ICPF acquires an additional 1% interest in 126 Phillip Street, Sydney, taking its ownership to 50% in the asset
October 2015: MSREI sale of Investa Property Trust is completed (1^st stage of MSREI’s exit from Investa)
$185m of new equity raised over the calendar year

2016

January 2016: ICPF agreed terms with MSREI to acquire Investa Office Management (IOM) (2^nd and final stage of MSREI’s exit from Investa)
February 2016: ICPF Unitholders approve the acquisition of IOM from MSREI.
March 2016: ICPF’s acquisition of IOM is finalised and a stapled structure is effected – establishing an internalised management model for ICPF. ICPF is now stapled to ICPF Holdings Ltd to form a new stapled entity known as Investa Property Group (IPG)
March 2016: The remaining 50% interest in 1 Market Street, Sydney is acquired from MSREI bringing ICPF ownership to 100% in the asset
April 2016: 75% interest in 420 George Street, Sydney acquired in an on-market transaction
May 2016: 50% interest in the development of 60 Martin Place, Sydney acquired – the last remaining IPT asset from MSREI
June 2016: $204m of new equity raised in calendar year to date
June 2016: ICPF is now a $4.2 billion internally managed core office fund with a group of domestic and offshore institutional investors, stapled to an operating platform controlling >$10bn in real estate assets.

ICPF Team Profiles

Jason Leong

Group Executive and Fund Manager ICPF

Jason Leong is the Fund Manager of Investa Commercial Property Fund (ICPF), responsible for the daily management and strategic direction of the fund, with a focus on maximising performance and creating value for investors.

Jason has been with Investa for over 8 years, previously as Acting Fund Manager for Investa’s listed fund, Investa Office Fund (IOF) and prior to this, Chief Operating Officer of the Investa Office management platform.

Jason has over 20 years’ experience in the real estate sector with previous roles including National Director Asset Management with LaSalle Investment Management (based in Singapore) and Vice President Asset Management with New City Corporation (based in Tokyo).

Jason holds a Bachelor of Property Economics from the University of Technology, Sydney

Brendan Looby

Assistant Fund Manager, ICPF

Brendan is responsible for assisting the ICPF Fund Manager with the daily management and strategic direction of the fund. Key responsibilities include investor relations, reporting, fund strategy, transaction activity, fund marketing, compliance and oversight of asset management strategy execution.

Prior to this role, Brendan was the General Manager, Capital Transactions at Investa, responsible for implementing acquisition and divestment strategies for Investa’s commercial property portfolio.

Before joining Investa in 2007, Brendan was employed as a senior property valuer at M.J Davis. In completing valuations across the Sydney metropolitan area, Brendan has had exposure to a number of property markets and asset classes.

Brendan holds a Bachelor of Property Economics from the University of Technology, Sydney and a Graduate Diploma in Applied Finance. Brendan is also an Associate Member of the Australian Property Institute.

Nicholas Chui

Senior Fund Analyst

Anna Changizi

Executive Assistant, Private Capital

For more information, please contact ICPF by email or phone:
Email investor@investa.com.au
Phone +61 2 8226 9300

More about ICPF

Sustainability

ICPF adopts market leading corporate governance and sustainability practices in the way it manages the fund and operates its assets, contributing to outperformance against leading industry benchmarks.

Media

Review the latest news and announcements for ICPF