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Investa Commercial Property Fund (ICPF)

Our core prime office fund for institutional investors


ICPF at a glance

commercial CBD assets in Sydney, Melbourne, Canberra, Brisbane and Perth
$6 billion
$6 billion
AUM (as at 30 June 2024)
 year WALE (weighted average lease expiry)
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.


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.

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Pioneering 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, and has now increased green certified debt to 82% of total facilities. The fund has aligned its entire portfolio’s environmental 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. 

ICPF is committed to transform real estate through ESG and is targeting 100% net zero, scope 1 and 2, emissions by 2025 and 100% green debt by 2025.

  • 5 Star

    GRESB Rating 

  • 5.54 Stars

    NABERS Energy weighted average rating (including GreenPowerTM); or 5.09 Stars NABERS Energy weighted rating (excluding GreenPowerTM)

  • 4.47 Stars

    NABERS Water weighted average rating

  • 5-6 Star Green Star

    New developments achieving 5-6 Star Green Star Design and As Built ratings and WELL Platinum Ratings

  • WELL Portfolio Rating

    WELL Health and Safety Rating


Meet our in-house fund managers and analysts

Brendan Looby
Fund Manager

Brendan Looby

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Assistant Fund Manager

Lachlan Reid

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Portfolio Analyst

Fiona Vuong

ICPF Board

Strong governance

Rebecca McGrath
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Rebecca McGrath


Rebecca was endorsed as Chairman of Investa Wholesale Funds Management Limited in September 2022. Prior to her appointment as Chairman, Rebecca was a Non-Executive Director, appointed in October 2018. 

An internationally experienced business leader, Rebecca is a Non-Executive Director with Macquarie Group and Macquarie Bank and a Non-Executive Director of Djerriwarrh Investments Limited. She is the former Chairman of OZ Minerals Ltd and a former Director of Goodman Group.  

Rebecca is also involved in the not-for-profit sector. She is a member of Chief Executive Women and a member of the Australian British Chamber of Commerce Advisory Council. 

Rebecca is a member of the Australian Securities & Investments Commission (ASIC) Director Consultative Panel, she is a member of the Victorian Council of the Australian Institute of Company Directors and a member of the national board. She is also a Non-Executive Director of Melbourne Business School.

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. 

Non-Executive Director
Graham Pearson
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Graham Pearson

Non-Executive Director

Graham has spent over 40 years in the commercial real estate industry in Australia and the United Kingdom, with 20 years directly involved in the funds management of unlisted real estate funds.  His experience includes funds management, capital raising, asset management, investment sales, valuation and leasing across all commercial property sectors.

Graham is a Non-Executive Director at M3 Property, an Independent Member of the Wingate Direct Property Investment Committee, an External Member of the Board Property Committee at Southern Cross Care NSW & ACT and a consultant for NorthWest Healthcare Properties REIT.  He was previously an independent member of the Lendlease APPF Commercial and Industrial Investor Review Committees and recently advised an investor group in negotiations with Mirvac to replace the trustee and manager of the AMP Wholesale Office Fund.

Previously, Graham spent 12 years at Dexus, where he was responsible for its $13bn property funds management and was the fund manager of the $8bn 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
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Jennifer Lambert

Non-Executive Director

Jennifer Lambert is an experienced company director with extensive business and leadership experience at the senior executive and board level across a range of sectors, and of listed, non-listed and not-for-profit organisations.

Jennifer currently serves as 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 career was at PwC where she worked for more than 10 years on audit, acquisitions, disposals and capital raisings across a range of industries including insurance, retail, real estate and buildings materials. Jennifer has spent the majority of her career in the real estate funds management industry as the CFO at Valad and then 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


  • Acquired first asset in Canberra, 220 London Circuit

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  • 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
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  • 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%.
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  • 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. 


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



  • A$2 billion in AUM

    By 2013, the fund had grown to A$2 billion in AUM.
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  • 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.
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  • 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. 
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)

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    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

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Register your interest in ICPF

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