Daniel Kemp

The Sydney-headquartered manager beat a A$250m target for its first fund and has already deployed 50% of the capital raised.

The superannuation fund has shifted into active gear after not ‘investing as much in property in the last two to three years,’ says Damian Graham.

The Australian wealth manager and superfund provider sees potential opportunities to expand its all-Australian property book in markets such as European industrial.

The Australian firm now manages the annuities provider's direct property portfolio, previously overseen by Elanor Investors Group.

The majority of the equity raised will be used for growth capital as the fund seeks to acquire more assets on Australia’s east coast.

Hong Kong-based firm first began divesting its ownership interest in Cromwell with the sale of a 10.8% stake in May 2025.

The decision will ‘increase flexibility’ and help secure best value for money, said chair Greg Combet.

The two firms will launch a JV to invest around A$500m in the short term, potentially rising to A$1.5bn over the next few years.

MA Financial will increase its total AUM by 20% through the deal, bulking up its core real estate equity business.

ESR will remain Cromwell’s largest shareholder, retaining a 19.9% shareholding, after selling 10.8% in a block trade.