Andrew Roberts gives up outright majority ownership of Corval
Andrew Roberts has sold a 30 per cent stake in Corval Partners, down from 70pc and ending outright majority ownership of the property funds manager he co-founded in 2009.
Sydney-based investment manager Scarcity Partners is the buyer.
Represents investors across wealth management, institutional and offshore markets in the Asia-Pacific, its investments spanning private equity, private credit, venture capital and wealth management.
It has a track record taking stakes in funds management businesses, a strategy known as general partner, or GP, staking.
Mr Roberts retains 40pc of Corval.
Chief executive officer Rob Rayner holds 20pc.
Chief operating officer Kerr Bray owns 10pc.
Mr Rayner and Mr Bray co-founded Corval (continues below).
Tactical partner
The Roberts family founded Multiplex – in 2007 selling its 26pc interest to Canadian investor Brookfield.
Corval was established in 2009 as the real estate investment arm of RF Capital, the Roberts family office.
It invests nationally across office, industrial and other property sectors through unlisted funds and investment vehicles. Across its property investment platform, it manages about $2.8 billion in assets.
Last year, it bought seven buildings at Brisbane Technology Park for c$110.7m from Dexus. In February it divested a Welshpool, Perth, property.
In Melbourne its office portfolio includes 71 Gipps Street, Collingwood, acquired for its Value Active Fund 2 for $75.5m in 2020. Completed in 2022 tenants include infrastructure group Acciona, co-working operator IWG, which operates Regus and Spaces, and social enterprise STREAT, which occupies the ground-floor café.
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