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.

Representing investors across wealth management, institutional and offshore markets in the Asia-Pacific, its investments span 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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Frasers Property has appointed an ESR executive to lead its industrial and logistics business, while Abacus Group managing director Steven Sewell plans to retire next year following a restructuring of the listed property group.

Jai Mirpuri (pictured, top) will become chief executive of Frasers Property Industrial on January 11, 2027.

The role will oversee Australian and European operations.

Management of the Singapore-listed Frasers Logistics & Commercial Trust is also part of the position.

Mr Mirpuri is currently chief executive of ESR Fund Managers and head of Southeast Asia at ESR Group, where he has worked for more than 18 years.

He previously co-founded and co-led ESR India and held investment roles across Japan and China.

He will succeed Reini Otter, who is leaving Frasers after 28 years – coincidentally to become chief executive of ESR’s Australia and New Zealand business.

Ian Barter, Frasers Property Industrial’s Australian managing director, has been overseeing the Australian and European portfolios on an interim basis since August (continues below).

Abacus move

Meanwhile, Abacus Group has begun an external search for a successor to Mr Sewell, who intends to retire by July 9, 2027, or earlier if a replacement is appointed.

The executive has led Abacus since 2018.

The succession plan follows the completion of the internalisation of Storage King’s management in June and Abacus’s subsequent sale of its 19.6 per cent stake in the separately listed business for $284.8 million.

Abacus has appointed executive search firm Spencer Stuart to find a successor.

Mr Sewell is expected to remain in the role during the transition.

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Australia’s ageing population is creating a growing gap between the federal government’s commitments to fund healthcare and social services and its ability to provide the real estate to deliver those services.

That is creating a larger role for private capital in healthcare, aged care and childcare property, according to speakers at a CBRE event in Melbourne today.

“Governments will keep paying for the care…they can’t pay for all the buildings as well…that’s the gap private capital is being asked to fill,” CBRE Australian Healthcare & Social Infrastructure national director Sandro Peluso said.

But the expanding demand for healthcare and social infrastructure is not translating into a broad-based investment rush, with capital becoming increasingly selective about the assets and operators it backs.

“Capital is deep but it is highly selective…investors are looking beyond the lease to the quality of the operator, the underlying demographics and the long-term sustainability of the asset,” Mr Peluso added.

More than 500 investors, operators, government representatives, developers and property professionals attended CBRE’s The Impact of Healthcare and Social Infrastructure at Crown Palladium on Wednesday.

Demographics set the demand

The presentation coincided with the recent release of the federal government’s 2026 Intergenerational Report, which projects the number of Australians aged 85 and over will triple by 2065-66.

It also forecasts federal government health spending will rise from 4 per cent of GDP in 2025-26 to 6.2pc by 2065-66, while aged-care spending is projected to increase from 1.5pc to 2.3pc of GDP.

Business and finance commentator David Koch, who delivered the keynote address, said the demographic outlook provided an unusually clear view of future demand.

“Demographics are about as close to a sure thing as economics gets,” according to the broadcaster.

“We already know how many 85-year olds we’ll have in 2036 because they’re 75 today,” he added.

The Intergenerational Report projects Australia will have 39.3 million people by 2065-66, but with deaths expected to outnumber births from the 2060s as fertility declines.

Mr Koch said a challenge was whether the infrastructure and workforce would be available to service the ageing population.

“The only question is whether the beds, the carers and the money will be there when they need them,” he added.

Aged care needs a new home every three days

The scale of the aged-care requirement is already being reflected in government forecasts.

Mr Koch quoted Department of Health research that Australia needs to open a new aged-care facility every three days for the next 20 years, equivalent to about 10,500 additional beds a year.

For property investors, however, demographic demand does not automatically make every healthcare or social infrastructure asset investable.

“Capital is deep but it is highly selective,” Mr Peluso said.

“Investors are looking beyond the lease to the quality of the operator, the underlying demographics and the long-term sustainability of the asset,” he added (continues below).

The distinction was explored in a panel moderated by journalist Jacqui Felgate, featuring Victorian Health Building Authority chief executive Priscilla Radice, Barwon Investment Partners managing director Tom Patrick and Regis chief executive Georgia Willis.

Ms Radice outlined the Victorian government’s pipeline of hospital projects, including the recently completed Footscray Hospital and projects under construction or delivery elsewhere in the state.

Mr Patrick said there was scope for more private-sector partnerships involving smaller healthcare properties rather than concentrating investment around major hospitals.

He also pointed to difficulties in attracting medical practitioners to some locations, with doctors and specialists often wanting to work close to established employment and residential centres.

The availability of healthcare real estate therefore depends on more than the underlying population in a catchment.

CBRE Australian Healthcare & Social Infrastructure director Marcello Caspani-Muto said demographic demand was also uneven within individual markets, using childcare as an example.

He said some areas could have more childcare centres than others despite having less underlying demand, illustrating the importance of matching supply to local demographics rather than relying on broad population growth.

Aged care is not retirement living

The aged-care market presents a different property requirement, according to Ms Willis, who said facilities needed to be designed around how older Australians live and receive care, rather than simply providing accommodation.

Residential aged care and retirement living also serve different markets, with aged care designed around residents requiring higher levels of support while retirement living is generally aimed at more independent residents.

The distinction is becoming more important as government policy shifts more care into people’s homes while demand for residential aged care continues to rise.

Mr Peluso said investors were increasingly assessing healthcare and social infrastructure through both property and operating lenses.

“The strongest healthcare and social infrastructure assets are increasingly being assessed on both their property fundamentals and the sustainability of the underlying service and operator,” he added.

The investment requirement extends beyond aged care, according to the executive.

Australia’s healthcare and social assistance sector already employs about 2.4m people, or 16pc of the workforce, making it the country’s largest employing industry, according to the Intergenerational Report.

The report also forecasts health and aged-care demand to rise as Australians live longer, with ageing accounting for about one-third of the projected increase in health spending over the next 40 years

Mr Peluso said for property owners and investors, that leaves an expanding pool of government-supported service demand but a more selective market for the buildings that accommodate it.

The question is increasingly not simply whether an asset has a healthcare or social infrastructure tenant, but whether the operator, location, demographics and building remain viable over the life of the investment, he added.

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Freecity has teamed with Accor, bringing the serviced-apartment operator into a pipeline of build-to-rent, co-living and student accommodation projects.

Under a white-label agreement, Accor will manage leasing, marketing, building operations, resident services, community programming and amenity operations across selected projects.

It marks a move into purpose-built rental housing.

Freecity has three purpose-built student accommodation projects under construction in Sydney, totalling 763 units.

In Macquarie Park, 528 units are expected at 169-171 Herring Road.

Forest Lodge and Rockdale projects are in Arundel Street and at 23-25 Frederick St respectively.

Freecity is using volumetric modular construction across its pipeline, with modular components manufactured offsite before being assembled on development sites.

Freecity boosting BTR portfolio

Freecity is also progressing Sydney build-to-rent and co-living projects.

At Rouse Hill, it has approval for a project comprising 332 BTR apartments and 216 co-living studios across three residential towers, between 11-23 levels.

In Parramatta, Freecity is also progressing a BTR project at 81-83 George St and 1 Barrack Lane.

A neigbouring site at 87-91 George St is planned for an approximately 71-storey BTR and co-living tower following a redesign of an earlier office scheme (continues below).

Freecity says the project is expected to be the world’s largest volumetric modular construction (VMC) building.

The developer also recently secured approval for a 51-storey mixed-use residential and hotel tower at 153-157 Walker St, North Sydney.

Its broader pipeline includes a proposed mixed-use precinct at Sydney Olympic Park, where it is progressing a development application for a 2.2 hectare site near the town centre – acquired from GPT last year.

The proposal is expected to include retail, a community centre, hotel, build-to-sell housing and BTR accommodation.

Under the white-label arrangement, the developments will be operated through Freecity’s consumer-facing brand, with bookings and reservations made through its website.

Accor Pacific chief operating officer Adrian Williams said the company’s experience operating extended-stay properties provided a base for its move into the living sector.

“As the leading operator of serviced apartments in the Pacific region with more than 125 extended stay properties, expanding into the living sector is a natural and highly strategic evolution for Accor,” according to the executive.

Freecity founder Jerry Huang added the partnership would combine the developer’s construction approach with Accor’s hospitality expertise.

“We believe the next generation of housing should combine the efficiency of advanced manufacturing with the service and experience of great hospitality. This partnership with Accor is an important step towards that vision – creating places that are built differently and lived in differently,” he said.

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Warburg Pincus has moved a step closer to a potential takeover of Ingenia Communities, gaining access to initial due diligence as it tries to turn its $5.25-a-security proposal into a firm offer.

The US private equity firm expects to complete the work and reconfirm its proposal within two weeks.

That puts the pressure back on Ingenia’s board, which is weighing the offer against its existing deal to acquire residential developer Peet.

Warburg Pincus has now made three approaches for Ingenia, increasing its proposal from $4.75 then $5.05 per stapled security.

Due diligence opens

Ingenia has given Warburg Pincus initial, non-exclusive access to due diligence.

The company is continuing to progress the Peet deal under its existing scheme implementation deed.

Warburg Pincus’ latest proposal values Ingenia at about $2.14 billion and is conditional on, among other things, satisfactory due diligence and Ingenia terminating its agreement to acquire Peet.

A Warburg Pincus spokesperson said the firm remained committed to a friendly, board-recommended transaction (continues below).

“We look forward to commencing that work promptly, with the objective of reconfirming our $5.25 per stapled security proposal and providing the Ingenia Board with greater transaction certainty within two weeks,” they added.

Peet deal in the balance

Ingenia agreed in August to acquire Peet through a combination of cash and Ingenia securities.

The proposed transaction was valued at about $1 billion when announced and would give Ingenia a larger residential development platform and land bank.

That deal has become the central fault line in the takeover contest.

Warburg Pincus has made walking away from the Peet acquisition a condition of its proposal, while some Ingenia investors have questioned the increased exposure to residential development and dilution associated with the Peet transaction.

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On Thursday, administrator Stephen Longley said 125 staff are affected across 13 sites.

A skeleton crew of 67 will manage asset preservation and the realisation process.

Since Bathla collapsed into voluntary administration in late August carrying $3.4 billion in known debts, its workforce has been cut by 338.

Extension condition breached

The shutdown comes days after realestatesource.com.au reported the NSW Supreme Court granted Teneo a 12-month extension – pushing the second creditors’ meeting to September 2027 – to allow time for an orderly completion of unfinished projects.

However, that court order was explicitly contingent on securing ongoing lender capital to maintain site progress.

Prior to the administration, Bathla was running roughly 45 active residential developments across greater Sydney.

Early in September, Teneo secured $4.7 million in short-term funding from five lenders to keep 13 key sites moving while standing down 213 staff (continues below).

Those funds are the ones just exhausted with lenders refusing to extend supply.

“As a result, construction workers across 13 Bathla sites have been stood down and all construction operations have ceased,” Mr Longley said.

Focus will now shift entirely to working alongside secured lenders – who are owed $3.08b – for a sell-off of Bathla’s sprawling land bank and subdivision holdings.

Several major lenders and financiers have already moved to protect their security or appoint receivers across specific sites.

Non-bank lender 360 Capital has appointed receivers over 162 Bathla properties representing $31.7m in debt, while Centuria’s total exposure stands at roughly $282.5m across direct and fund-managed facilities.

They join billionaire developer Bob Ell, whose Leda Holdings bypassed the administration process to seize project sites at Marsden Park and Tallawong to protect its $200m exposure.

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The Asia-Pacific platform, which will be acquired from Hamburg-based Aquila Group, has about 1.6 gigawatts of solar, wind and battery storage projects across Australia, New Zealand, South Korea, Japan and Taiwan.

The portfolio spans operational, construction and advanced development assets.

The acquisition will give ESR an established renewables platform alongside its existing solar and battery storage pipeline.

Financial terms were not disclosed; however, a similar deal—between Gentari Renewables India and Brookfield Asset Management for a 1.6 GW clean energy portfolio—was worth $1.3-$1.4 billon (USD$850-$900m).

Power options for occupiers

ESR said the acquisition would broaden the investment opportunities it can offer investors as electricity demand from logistics facilities and data centres increases (continues below).

The transaction is expected to complete in the first quarter of 2027, subject to approvals and other closing conditions.

Following completion, ESR plans to retain the Aquila Clean Energy APAC management team and expand the platform across its Asia-Pacific network.

ESR president Phil Pearce said the group saw opportunities across logistics, data centres and energy infrastructure.

Aquila Group chief executive and co-founder Roman Rosslenbroich said the transaction followed the development of the clean energy platform across the Asia-Pacific region.

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BNW Developments has opened a Sydney office, the UAE developer looking to build its Australian investor base with a development pipeline concentrated across Dubai and Ras Al Khaimah.

The company today launched its local operation, establishing a local office at Bella Vista

Wealth advisers and property investment channels are the target.

The arrival comes as Australian investors face changes to the taxation of residential property investment.

Due to take effect from July 2027, the reforms will restrict negative gearing to new residential properties and introduce changes to the taxation of capital gains.

Alternative market: BNW

BNW is positioning the UAE as an alternative market, pointing to differences in taxation, rental returns and residency settings.

The pitch centres on international diversification and exposure to the UAE’s residential development pipeline.

Dubai’s residential market is currently producing gross rental yields of about six per cent for apartments on citywide data, the group said, although returns vary materially between locations, property types and individual assets.

Ras Al Khaimah is an emerging market heavily weighted towards off-the-plan sales.

Residential transactions in the emirate totalled $5.2 billion (AED12.4 billion) across about 6600 deals in 2025, the group said, pointing to Cavendish Maxwell research (continues below).

Off-plan transactions accounted for about 85 per cent of activity, it added.

BNW sets up in Australia

Globally headquartered in Dubai, BNW says its development portfolio – its website spruiks 13 launched residential projects – has a gross development value of $13.3b (AED32 billion).

Tonino Lamborghini Residences (artist’s impression top of proposed complex) is one of its brands.

Founder and chairman Ankur Aggarwal said Australian investors were increasingly considering where capital could be deployed and the income generated from property.

“Australian investors are increasingly looking beyond their domestic market and asking different questions about where their capital can be deployed, the income a property can generate and the broader benefits of international diversification,” according to the executive.

“The UAE offers a very different proposition…combining an established international property sector with strong tourism and population growth, attractive tax settings and a pathway to long-term residency for eligible investors,” he added.

“With our Sydney office, we can bring our local market knowledge and development pipeline directly to Australian investors, while providing the level of service and guidance they expect when making an international property investment”.

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Australia’s top residential builders expanded their combined output by 9.4 per cent in 2025/26, breaking past 70,000 new housing starts for the first time in four years, according to the latest HIA-COLORBOND Steel Housing 100 report released today.

The top 100 residential builders commenced 70,553 homes over the 12-month period – up from 64,481 in 2024/25 and representing 35pc of new residential starts nationwide.

Sumitomo Forestry Australia was the clear winner with 8038 starts.

It owns Henley, Wisdom, and Scott Park Group.

In 2024 it agreed to buy Metricon – then Australia’s biggest home builder with a focus in Melbourne.

The broader HIA list revealed notable shifts across both detached housing and multi-unit sectors.

Top National Builders

Perth-headquartered ABN Group retained its position as Australia’s second-largest builder with 3764 dwelling starts.

It is behind brands including Boutique Homes and Celebration Homes.

NEX Building Group, rose from fourth to third, with 3585 starts.

It is parent company of McDonald Jones Homes and Brighton Homes.

Based in Sydney, it develops across New South Wales, Queensland, South Australia, Tasmania, and the ACT (continues below).

Movers & Shakers

• Homecorp Constructions logged the biggest leap on the 2025/26 table, jumping 18 places from 31st to 13th;

• Hutchies surged from 14th to 8th, while also holding the third spot for multi-unit builders.

• Parkview Constructions claimed the title of Australia’s largest multi-unit builder with 2735 starts, edging out Harry Triguboff’s Meriton Apartments, which took second spot in the category with 2324 starts.

Meriton edged out

Growth across the industry was unevenly spread, dominated by a strong rebound in detached housing while, as has been highly publicised, high-density construction remained relatively flat:

• Detached housing: rose 11pc to 52,058 starts.
• Semi-detached & townhouses: increased 14pc to 7397 starts.
• Multi-unit/apartments: up 1pc to 11,098 starts.

HIA Chief Economist Tim Reardon said that the largest apartment developers drifted down the overall list as detached home builders capitalised on a strong sales pipeline generated through late 2025 and early 2026.

Outlook

Despite the 2025/26 volume surge, HIA warned that conditions heading into 2027 will be tougher.

“The results show that Australia’s home builders responded to improving market conditions and increased the supply of new homes,” Mr Reardon said.

“The concern is that the conditions which produced this increase have changed significantly during 2026,” according to the executive.

Recent interest rate adjustments (yesterday it was reported the RBA is considering more rises before the end of the year) and shifts in property tax settings have slowed sales through mid-2026, a lag that is expected to weigh on overall commencement volumes in the coming 12 months despite ongoing underlying housing demand, he added.

Below the top 20 of 100 builders:

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Metricon has pushed Sumitomo Forestry Australia Group to the top of Australia’s residential building industry.

The consolidated group recorded 8038 housing commencements according to the latest HIA-COLORBOND steel Housing 100.

The 2026 ranking combines starts from Metricon, Henley, Scott Park Group and Wisdom Homes.

The pipeline crosses New South Wales, Queensland, South Australia, Victoria and Western Australia.

Metricon was Australia’s largest home builder for the previous 10 consecutive years and is now represented within the consolidated Sumitomo Forestry result following its first full financial year under the Japanese forestry group’s ownership.

“After ten years as the country’s number one home builder, we are proud to have helped propel Sumitomo Forestry Australia Group to the top of the Housing 100 and establish a new benchmark for national home building capability,” Metricon chief executive Brad Duggan said.

ABN Group, which owns Boutique Homes, amongst other brands, came second, with 3764 dwellings. NEX Building Group – behind many developers including Arden Homes and McDonald Jones Homes – is the country’s third largest home builder with 3585 starts.

For a list of the top 20 builders, read our item here (continues below).

Japanese groups back Australian housing

The ranking comes as Japanese groups continue to expand their presence in Australia’s residential development and construction sector.

Yesterday realestatesource.com.au reported rival Sekisui Chemical’s acquisition of a stake in Brisbane-based Ausbuild.

Sumitomo Forestry agreed to acquire Metricon in 2024 on a long settlement.

Managing director Yasuhiro Odagane said the result reflected the group’s partnership with its Australian businesses, with each continuing to operate under its existing brand.

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