Andrew Cannane

Property Funds Association (PFA), the peak body representing Australia’s unlisted property funds industry, has appointed Andrew Cannane, Executive Director of Intertrust Australia, as President of its Executive Committee.

Mr Cannane has served on the PFA Executive Committee for 12 years, and replaces Steven Bennett, CEO Direct Property at Charter Hall, who has finished his two-year term.

PFA has appointed Melissa Kingham, Executive Director of the Haben Property Fund, as Vice President of the committee.

Paul Healy, CEO of the PFA, welcomed the new President and Vice President of the PFA Executive Committee. “We are delighted to appoint Andrew and Melissa to the roles of President and Vice President. They each bring substantial knowledge, passion and experience to the committee.

“I thank our previous President, Steven Bennett, for his outstanding leadership and steady hand during the COVID-19 pandemic.”

New President Andrew Cannane said unlisted property funds would continue to provide valuable diversification and returns for investors. “Our industry in Australia includes some of the best property investment funds and managers in the world, and I am honoured to represent them as President of the PFA.

“Direct property has an incredible track record at providing income returns and capital growth. The opportunities to use direct property funds for greater diversification is also a major benefit to investors.

“It’s an exciting time to be in commercial property investment. The innovation we are seeing across the traditional and emerging property asset classes has been inspiring, and will play a key role in the COVID recovery.”

The PFA Conference 2021 will be held in Cairns from 18-20 July 2021. The conference asks Has COVID-19 changed property permanently? The conference will explore pressing property issues including new technology and innovation, leasing challenges, and potential structural changes to the property landscape.

Keynote speakers include:

• Richard Gibbs, Chief Economist and Director, Urbis
• Jason Huljich, Joint-CEO, Centuria Capital Group
• David Green-Morgan, Managing Director APAC, Real Capital Analytics
• Michelle McNally, General Manager Property, Australia Post

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The Executive Committee of PFA recently elected Steven Bennett, Head of Charter Hall Direct, as the new President of PFA’s National Executive Committee, taking over the role from Mark Pratt, Executive General Manager –  Property at Australian Unity.

The Association also elected Andrew Cannane, Executive Director at Evans Dixon as the Committee’s new Vice President.

Formed in 1998 PFA was established to provide the growing number of direct property investors and managers with an organisation to represent their interests, promote their industry and provide a forum for research and education.

Paul Healy, Chief Executive Officer, PFA noted: “We welcome our new President and Vice President to the Executive Commitee. The Executive Committee is the decision-making body of the Association and comprises of PFA members which represent the various areas of the Association’s constituency. Both Steven and Andrew are regarded as experienced direct property professionals in the commercial property space and we look forward to their insights and contribution in growing investor awareness around the direct property sector.

“I would like to thank our previous President, Mark Pratt, for his contribution towards growing the Association’s scope to represent the advisors, consultants and representatives of property investors and managers.”

Steven Bennett, Head of Charter Hall Direct, added: “I am honoured to be appointed in this new role. Having been a member of the Association since 2014, I believe the Association will continue to play an integral role in representing the interests of the direct property industry.

“Over the last two decades, this sector has grown dramatically and has become a core investment class for growing the wealth of Australian investors by providing strong risk adjusted returns and a stable source of regular income.

“Apart from the high levels of ongoing income, what makes direct property so compelling is its low correlation with other asset classes providing effective diversification benefits and lower relative volatility. This means direct property investments react in a different manner to varying economic conditions compared to other major investment classes such as shares and bonds.

“For this reason, we believe, investors will continue to hold direct property as an essential component in their portfolios,” said Mr Bennett.

The Annual PFA Conference for 2019 will be held in Hobart from 5-7 May. It will review the activity in global and local markets and examine whether current times are a crisis, challenge or catalyst for property investment.

Key Conference speakers include:

• David Harrison, Managing Director and Group CEO, Charter Hall
• Simon Garing, Acting Chief Executive Officer and Executive Director, Cromwell EREIT Management
• Justin Smirk, Director – Senior Economist, Westpac Institutional Bank
• Penny Ransom, Group Executive, Head of Investment Management, Investa Property Group
• Rob de Vos, Managing Director, Arena REIT

More information about the Conference.

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Andrew Cannane

Perpetual Corporate Trust continues to see strong demand for its trustee services across the region following the Initial Public Offer (IPO) of the Keppel KBS REIT in Singapore, which raised more than $US550 million from institutional and retail investors.

Listed on the Singapore Stock Exchange, Perpetual (Asia) Limited will act as trustee for the newly-listed Singapore Real Estate Investment Trust (S-REIT).

The S-REIT invests in a diversified portfolio of income producing commercial assets in the United States. The initial portfolio will comprise 11 properties in the US worth more than US$825 million.

Perpetual Corporate Trust General Manager – Managed Funds Services, Andrew Cannane said: “Singapore continues to grow as a major regional hub for REITs, due to its strong positioning as a well-regulated market, good eco-system of service providers for the REIT industry, good liquidity for capital raising and favourable tax treatment for REITs. As a result we continue to see strong demand for our Singapore trustee services.”

Mr Cannane also highlighted the ongoing demand for trustee services for cross-border transactions.

“Our presence in Singapore means we are uniquely placed as the only trustee with licenses to act as trustee in Singapore and Australia. Therefore Perpetual is able to provide its expertise in both markets and facilitate cross-border transactions between the two regional neighbours.

“And with the pilot of the Asian Regional Funds Passport set to commence in January 2018, we expect to see cross-border flows continue to grow and will be well placed to help clients take advantage of this emerging regional collaboration.”

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Andrew Cannane

Perpetual Corporate Trust has been appointed as the Responsible Entity (RE) of the MCP Master Income Trust (ASX: MXT), the first ASX-listed investment trust dedicated to corporate lending managed by Metrics Credit Partners.

Perpetual Corporate Trust General Manager of Managed Fund Services Andrew Cannane said: “We are delighted to be appointed RE of Metrics’ new listed investment trust, which will provide a rare opportunity for non-bank investors to invest in diversified Australian corporate fixed income.

The MCP Master Income Trust is the first listed investment trust from Metrics Credit Partners, an Australian debt-specialist fund manager with assets under management in excess of $2 billion. The Trust’s recent initial public offering (IPO) raised more than $515 million, making it one of the largest fund IPOs in Australia.

“We are Australia’s leading provider of corporate trustee services to fund managers and institutional investors. As today’s announcement demonstrates, the strength and expertise of our business allows our clients to focus on providing innovative products and services to investors.

“Metrics have an experienced team with a proven track record – qualities that resonate strongly with Perpetual – and we look forward to continuing to work with them as they grow their business,” said Mr Cannane.

MCP Managing Partner Andrew Lockhart said: “Investing in corporate loans has traditionally been a market dominated by regulated banks, making it difficult for non-bank investors to access.

“There was significant interest in the IPO from retail and SMSF investors. This highlights their appetite to gain access to a listed, fixed income product, which is a vital component of a balanced investment portfolio.

“We have a committed and dedicated team focused on high performance and Perpetual’s brand and expertise in the RE space will substantially benefit our business going forward.”

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Andrew Cannane

Australia remains attractive to investors, but that reputation is now under material pressure, with investors spooked by rapid and unpredictable political interventions – say the findings of Infrastructure Partnerships Australia and Perpetual’s annual Australian Infrastructure Investment Report.

Key findings:

• 70 per cent of investors remain ‘highly likely’ to invest in Australia; but
• 62 per cent say ‘political risk’ now a major concern;
• 66 per cent ‘not optimistic’ about national government infrastructure policies; and
•  72 per cent say energy market ‘full of uncertainty’.

“Political interventions on projects and unpredictable rule changes see Australia now receiving the type of investor commentary that’s more usually associated with emerging economies,” said IPA Chief Executive, Brendan Lyon.

“Two thirds of investors are spooked by the Federal Government’s unpredictable policies on energy and other market interventions planned or under consideration.

“The appetite to invest in South Australia has tumbled by 75 per cent to just four per cent of investors, showing investors will punish jurisdictions who act in poor faith.

“Given the increasingly urgent need for major investments in electricity, it’s very worrying three in four investors are badly spooked by energy policy uncertainty.

“This shows an urgent need for the Federal Government and Opposition to stop the political games and agree the rules on electricity.”

The report captures the views of 26 domestic and global investors including sovereign wealth funds, pension funds, fund managers, developers, banks and insurance companies who collectively own or manage more than $220 billion of infrastructure assets across the globe.

Despite the significant headwinds, Perpetual Corporate Trust General Manager Managed Funds Services, Andrew Cannane, noted Australia has made progress in a number of key areas and still remains an attractive investment destination.

Mr Cannane highlighted: “Seventy eight per cent of investors said the visibility of transactions and projects has improved in Australia in the last year, while 69 per cent said Australia’s track record of infrastructure business makes Australia attractive for investment.

“Australia remains one of the world’s most attractive and sophisticated infrastructure markets. But like any industry, that hard-won reputation will erode if we don’t continue to improve what we do, why we do it, and how we do it.

“Infrastructure investors continue to scan the globe for relative value. With less investment opportunities emerging and tighter pricing, Australia cannot afford to rest on its laurels as an infrastructure investment destination,” said Mr Cannane.

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Andrew Cannane

Highlighting the growing need for independent Responsible Entity (RE) providers, Perpetual Corporate Trust has been appointed as the RE of Ophir Asset Management’s High Conviction Fund.

Perpetual Corporate Trust General Manager Andrew Cannane said: “Our expertise as an independent RE is in higher demand than ever as we see an increase in responsible entity transactions, new fund launches and listed deals coming to market.

“Perpetual is one of the leading independent providers of responsible entity services to the managed funds industry in Australia, and we are committed to providing market-leading services to our clients.”

Ophir is a specialist small and mid-cap equities manager founded in 2012, managing two funds with more than $620 million in funds under management. Historically both funds have only been made available to wholesale and institutional investors as unregistered schemes. Today’s announcement means retail investors will have access to the High Conviction Fund.

Mr Cannane added, “Ophir has a strong track record and a commitment to providing the best outcome for their clients – qualities that resonate strongly with our business. We are delighted to be appointed as RE and look forward to working with them in the future.”

Ophir Investment Director and Head of Sales Rob Saunders said: “The appointment of Perpetual as RE will enable easier access to the offering through a PDS and will also allow us to concentrate on doing what we do best – generating strong returns for our investors. We have a committed and dedicated team focused on high performance and Perpetual’s brand and expertise in the RE space will substantially benefit our business going forward.”

The announcement follows a strong 2017 financial year for Perpetual Corporate Trust’s Managed Funds Services division, with revenue of $40.6 million up 12 per cent on FY16.

“With a mix of responsible entity transactions, new fund launches and listed deals, there is a growing need for expert independent RE providers in the market, which has benefitted our business,” said Mr Cannane.

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Andrew Cannane

50 per cent of investors looking beyond Australia because there are not enough projects

The 2016 IPA/Perpetual Australian Infrastructure Investment Report shows continuing high levels of global interest in Australian infrastructure, but provides a good reminder that investment can – and does – go elsewhere when there are not enough Australian projects.

The report captures the views of 20 global and domestic investors including sovereign wealth funds, pension funds, fund managers, developers, banks and insurance companies who manage more than $110 billion in infrastructure investments worldwide.

Infrastructure Partnerships Australia CEO Brendan Lyon said: “These figures remind us we’re actually competing against the world for infrastructure investment and it will go elsewhere if we don’t’ harness it.

“Half of respondents report that Australia is unlikely to have sufficient projects to satisfy the high levels of investment, forcing them offshore.

“With record high prices for privatised Australian infrastructure and very competitive pricing on new projects, there’s been no better time for state governments to offer projects to the market, funded through asset recycling.

“Our research shows a very strong preference for NSW and Victorian infrastructure, over the on-and-off-again projects and privatisations offered by the resource states.

“This report shows that Australia’s got the type of problem everyone wants – too many investors wanting to put money into infrastructure, right at the time we need more investment.

“This shows that Australia’s governments could do much more to get infrastructure moving.”

Despite the challenges cited by research participants, Perpetual Corporate Trust General Manager, Andrew Cannane, highlighted the increasing number of investors willing to invest large amounts of money in Australian infrastructure.

“Investors identify Australia’s strong track record in infrastructure and our stable economic, fiscal and regulatory environment as key features driving the attractiveness of the Australian market; with the
depth of market knowledge and ease of doing business adding further appeal.

“While the report does highlight areas where we can improve, we must not forget how we have become such a popular investment destination in the first place,” Mr Cannane said.

Seventy five per cent of investors find Australia an attractive destination because of our economic stability, with strong knowledge of the local market and the ease of doing business being two other points of attraction.

Mr Cannane also stressed the importance of overcoming the challenges faced by the sector.

“Global competition for infrastructure investment continues to intensify. Australia will have to work hard to ensure sufficient opportunities are available to the market in order to continue to attract international capital and skills.”

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Andrew Cannane

Perpetual, the only trustee with licenses to provide trustee services in both Australia and Singapore, has been appointed share trustee in the first ever internalisation of a manager for a Business Trust listed on the Singapore Stock Exchange (SGX).

Croesus Retail Asset Management (CRAM), as trustee-manager of Croesus Retail Trust (CRT), has selected Perpetual (Asia) to hold all issued shares of CRAM, a move that will provide a number of benefits to CRT and its investors. The internalisation will:

• Reduce management costs of the Business Trust
• Better align the interests of investors to the trust
• Allow the trustee-manager to provide a better suite of services to investors

Currently, all Singapore Real Estate Investment Trusts (S-REITS) and Business Trusts are structured in a way that sees the management and day-to-day operations of the trust fall to the external manager or trustee-manager.

Perpetual General Manager Managed Funds Services at Perpetual, Andrew Cannane, said the successful internalisation of Croesus may lead to a number of S-REITs considering whether to internalise their management and operations functions in the future.

“This is a significant appointment – a first in Singapore – and highlights Perpetual’s ability to facilitate complex transactions for vehicles listed on the SGX.

“An internalised model provides better transparency for investors by fully aligning the interests of the trust to the interests of investors. We expect this model to bring long term benefits to investors, and could be the first of many internalisations for vehicles listed on the SGX.

“We are committed to growing our presence in Asia, and this announcement demonstrates Perpetual’s ability to provide services to some of the largest investors and asset managers globally.”

Croesus Retail Trust is a SGX-listed Asia-Pacific retail business trust focused on investing in a diversified portfolio of predominantly retail real estate assets located in Japan and across the Asia Pacific region.

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Hugh Treweeke

Perpetual Corporate Trust has announced the appointment of Hugh Treweeke as Head of Responsible Entity (RE) Services.

Mr Treweeke joins Perpetual with more than 20 years’ experience in financial services and will lead a team dedicated to providing RE and trustee services to local and global investment managers.

Perpetual’s RE business currently operates in excess of 70 registered managed investment schemes with more than $12 billion of assets under supervision across a range of asset classes including Australian equities, global equities, fixed interest, infrastructure, liquid alternatives and property.

Andrew Cannane, General Manager, Managed Funds Services, Perpetual Corporate Trust said Mr Treweeke’s appointment further strengthens Perpetual Corporate Trust’s expertise and supports the ongoing expansion of its independent RE business.

“Hugh’s extensive experience managing strategic client relationships plus the operation of outsourced services providers, in particular global custodians, combined with a strong commercial acumen will make him an important asset to the business.

“Our independent RE services continue to experience strong demand and I am delighted Hugh will be leading the team at such an exciting period of growth,” Mr Cannane said.

Mr Treweeke has held a number of senior positions including Director at Wellington International, Relationship Manager at RBC Dexia, and most recently at State Street, where he was Vice President Client Relationship Manager for the past three years.

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Andrew Cannane

A survey of major global and Australian investors by Infrastructure Partnerships Australia (IPA) and Perpetual has revealed there is a significant amount of money available to invest in Australian infrastructure, but more work is required to capture it.

The first study of its kind in Australia, the IPA Perpetual Australian Infrastructure Investment Report was created to better understand the appetite for investment in Australian infrastructure. While 95 per cent of infrastructure investors are likely to invest in Australian opportunities in the near future, the report uncovered some significant barriers to entry.

IPA Chief Executive Brendan Lyon said: “This is the most detailed analysis of infrastructure investors ever done and offers compelling insights for political and business leaders in this country.

“Our research shows a strong appetite for Australian infrastructure projects – with skilled investors wanting to write big cheques for Australian infrastructure. However, the report also shows we need to dial up the number of projects and dial down the political risk.”

More than two thirds of investors (68 per cent) cited political risk as their greatest concern in the Australian market.

“Australia is rightly regarded as one of the most stable and secure places for infrastructure investment, but the cancellation of Victoria’s East West Link and Queensland’s asset sales have clearly spooked many investors,” Mr Lyon continued.

Despite the challenges cited by research participants which included sovereign wealth funds, pension funds, fund managers, developers, banks and insurance companies, Andrew Cannane, General Manager of Corporate Client Services, Perpetual Corporate Trust said Australia’s strong track record and mature market make Australia an attractive destination for infrastructure investment.

“Our clients have remarked they would prefer to buy an Australian port servicing China than a Chinese port because of the transparency, maturity and stability of our market and proven ability to get money in and out,” Mr Cannane said.

Half of the survey’s respondents said they were ready to invest more than A$1 billion in any one project, with 36 per cent saying they were ready to invest more than A$2 billion.

“There is a significant weight of capital ready to be deployed into local infrastructure. Many foreign investors have set up local offices to compete for available assets. However, we need to increase the visibility of future projects and the value they can provide, to increase investment in the Australian market,” Mr Cannane continued.

Nearly half (42 per cent) of the investors surveyed said they believe the Australian market is unlikely to provide sufficient opportunities in the near term.

“These insights suggest there is a net-negative sentiment among investors about the depth of the pipeline, with most thinking Australia will have too few infrastructure investments, for the scale of investment seeking exposure to Australian assets,” said Mr Lyon.

“This research confirms finance is not the problem. There is a wall of money wanting to invest in Australia, we just need to get the structures right,” he said.

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