Charter Hall direct CEO Steve Bennett (Image: Charter Hall)
Steve Bennett, chief executive of Charter Hall’s A$9.2 billion ($6.6 billion) direct property business, will take the stage at the Mingtiandi Australia Forum on 15 September to discuss the company’s push into life sciences real estate and how income-seeking investors can tap the country’s next phase of commercial property growth.
In the Bennett will sit down with Mingtiandi founder Michael Cole for a spotlight interview covering where Australia’s largest property fund manager sees opportunities in life sciences, and how the emerging sector fits into the country’s broader commercial real estate universe.
The discussion comes as Charter Hall’s direct platform reports 97.8 percent occupancy and increased fundraising momentum from self-managed super funds and advised investors seeking income-focused products. At the end of June, 93 percent of its funds with more than six months’ tenure, excluding institutional mandates, had outperformed their benchmarks since inception.
The 11.40am interview is one of three spotlight sessions at the full-day event at the Four Seasons Sydney, where more than 200 industry leaders are expected to gather. Tickets to the forum are available at the link above.
Directing Capital
In August, Bennett’s team opened the Charter Hall Direct Life Sciences Fund, a five-year wholesale vehicle targeting a total return of 13 percent per annum. The fund invests in a Brisbane pathology complex fully leased to Sonic Healthcare subsidiary Sullivan Nicolaides, with a 20-year weighted average lease expiry, CPI-linked rental increases and a triple-net lease.
Charter Hall’s Direct Life Sciences Fund invests in this Brisbane pathology complex (Image: Charter Hall)
Charter Hall acquired the Bowen Hills facility from Sonic for A$445 million in June, with initial net rent of A$25 million a year. Another current offering, the Direct Industrial Fund 4, has a A$3.3 billion portfolio of 59 assets, near-full occupancy and an average lease term of 8.2 years.
Bennett brings more than 25 years of experience in fund management, banking, property, accounting and consultancy. As direct CEO, he oversees asset management, tenancy services, fund financing, investor communications and equity raising while leading a team responsible for unlisted vehicles across Charter Hall’s core sectors.
Before joining Charter Hall, Bennett worked for Macquarie Bank in Sydney and London. He is a former president of the Australian Property Funds Association and the current vice-president of the Property Council of Australia’s New South Wales Divisional Council, as well as a chartered accountant and graduate of the Australian Institute of Company Directors.
Charter Hall Direct invests on behalf of self-managed super funds, family offices, high-net-worth individuals and other direct investors. Its platform comprises A$3.7 billion in industrial and logistics assets, A$3.4 billion in offices, A$1.8 billion in social infrastructure and other properties, and A$300 million in retail holdings.
Direct funds drew A$352 million in equity inflows during the 12 months to June, up 58 percent from a year earlier. Charter Hall’s overall funds under management reached A$94.3 billion after record gross equity inflows of A$6.7 billion, with the group expecting to surpass A$100 billion during the current financial year.
Sydney Line-Up
The Australia Forum programme features six panel discussions alongside the spotlight interviews, spanning hospitality, industrial property, build-to-rent, student and senior housing, commercial markets and Asia-Australia capital flows.
Morning sessions will bring together executives from Blackstone, Hilton, IHG and Accor for a discussion of hotel investment, followed by an industrial panel featuring speakers from LogiSpace, Growthpoint Properties, Stockland and Cabot Properties.
After lunch, representatives of Arch Capital, Pro-invest Group, DWS and Kio Investment Management will examine Australia’s evolving build-to-rent sector, while experts from Centurion, Invesco Real Estate, Gaw Capital and Aware Super will discuss student accommodation and senior living.
The day’s final panels will feature executives from Link REIT, Brookfield, GPT, Savills, AGP Group, Phoenix Property Investors, Rava Partners and CBRE examining office and retail opportunities and the growing role of Asian capital in Australia. The stage discussions will also reach a global audience through Mingtiandi’s MTD TV video platform.
Also appearing in spotlight interviews at the forum will be Brad Collier, head of diversified funds at Dexus and manager of the Dexus Wholesale Property Fund, and Peter Menegazzo, CEO of fund manager Investa.