Roberts-backed Corval gets early march with industrial play
Property tycoon Andrew Roberts.
RF Corval, the property funds manager backed by property tycoon Andrew Roberts, has snapped up a stake in an industrial property in Sydney’s western suburbs worth $103.5m to seed a new unlisted trust.
The company’s new RF Corval Industrial Infill Trust 2 bought the complex in Girraween, which houses the Cordina Group, alongside two other RF Corval clients.
The firm is now looking to raise an initial $50m of capital from wholesale investors to invest into the trust, which will be the second in a series it manages.
The latest trust will target Australia’s hot urban industrial real estate where supply constraints, occupier demand, growth and liquidity fundamentals are strongest.
Other players in the market include real estate fund manager Hale Capital Partners which is targeting under-utilised industrial and logistics assets near Australia’s major urban centres and Sydney-based boutique investment manager Box Capital and Gaw Capital for $87m.
RF Corval is focused on buying A-B Grade assets in land-constrained urban infill locations, for conversion and aggregation that will allow it to build up an institutional grade portfolio.
RF Corval’s first Industrial Infill Trust launched in 2021 and acquired 18 assets across five capital cities with a gross asset value of $250m and is beating forecasts.
The second trust is targeting total equity of $250m, which would give it significant buying capacity over a planned two year buying period. The fund is targeting a net equity internal rate of return of 12-14 per cent.
RF Corval has bought the HQ facility of the Cordina Group in Girraween, Sydney.
The new vehicle is moving on an off-market opportunity to acquire an interest in the headquarters facility of the Cordina Group in Girraween, Sydney.
It carries a triple net lease with an initial 25-year lease term.The Girraween property is on a substantial 5.4ha site in the established western Sydney market of Girraween, with a low site coverage.RF Corval said it was seeing a strong pipeline of opportunities and expects to agree terms on further opportunities over the course of calendar 2025.
RF Corval believes that land value represents most of the asset value and wants to capitalise on the fragmented, non-institutional market and is moving forward when cap rate decompression has stabilised, whilst rental growth for infill locations is expected to continue.
