Mirvac Group is looking to boost relations with institutional investors by hiring a capital raising expert to fill a newly created position called ‘group executive, capital’.
The Australian Securities Exchange-listed property developer cum investment manager with a market capitalisation of A$5.09 billion (€4.17 billion; $5.29 billion), is expected to announce shortly it has hired Jonathan Hannam, formerly a director responsible for capital raising at Stockholm-based private equity real estate firm Andersson Real Estate Investment Management (AREIM), for the position.
Hannam, who is expected to join in January 2013, will report directly to managing director and chief executive officer Susan Lloyd-Hurwitz, who joined in August from LaSalle Investment Management. He will also work closely with Bevan Towning, Mirvac’s chief executive, platform.
He also previously worked for Abu Dhabi Investment Authority, the sovereign wealth fund, and ING Real Estate, the former property platform of Dutch bank ING.
He leaves shortly after his old firm held a first closing of its second value added fund Andersson Real Estate Investment Management Fund II on SEK1.6 billion (€180 million; $240 million) with commitments from Government of Singapore Investment Corporation, Algemene Pensioen Groep and AP4, the Fourth Swedish National Pension Fund.
Mirvac is understood to see the role as supportive to its current strategy of forming partnerships with large institutional investors for specific deals. The firm wants to add to partnerships such as its venture with Singapore office REIT Keppel REIT through which it is investing in office developments in Sydney and Perth.
Alongside its direct investment and development programme, Mirvac manages third party investment funds, although currently just one wholesale fund, the Mirvac Wholesale Residential Development Partnership. The fund attracted A$300 million of commitments and has been invested in 10 residential projects across Australia. Hannam’s hire is not expected to immediately facilitate the launch of new wholesale funds however.