Perpetual to buy-out property partner
A day after it enlisted Deutsche Bank’s property team, Perpetual has underscored its commitment to focus more heavily on the real estate sector with news that it will buy-out Mirvac’s 50 per cent stake in the two groups’ listed property trust joint venture.
An independent valuer will determine the sale price for the joint venture, Perpetual James Fielding (PJF), with the deal expected to be finalised in October.
Mirvac had acquired the 50 per cent stake in PJF with the purchase of the James Fielding Group in November last year.
While the existing property securities team will continue to manage the PJF funds, the new direct property team that will join Perpetual from Deutsche Bank will be drawn upon to provide research support.
Perpetual announced yesterday that the former management team of Deutsche’s property arm has joined the group to head its move to offer direct property investments to clients.
The team of Goran Ujdur, Jack McGougan, and Tony Hall previously managed the Deutsche Bank Real Estate’s wholesale property operation. Management of the Deutsche Wholesale Property Fund was a function of this division.
Perpetual intends to rapidly expand its asset management services and products offerings via the recruitment of the new team. The financial services company currently manages $2.7 billion in mortgage funds and $460 million in property securities.
Perpetual managing director David Deverall said: “Our aim is to provide wholesale and retail direct unlisted property products that focus on delivering consistent long-term returns to investors.”
Each team member has strong background in the property sector. Goran Ujdur was head of wholesale property at Deutsche Asset Management (DAM). Before joining DAM he was Knight Frank’s national director of research and had also previously held the position of NSW research manager with Jones Lang LaSalle.
Jack McGougan was general manager of the Deutsche Wholesale Property Fund. His experience also includes stints at AXA, where he managed the firm’s Australian Property Trust, and National Mutual Property Services where he ran the group’s Property Fund and No. 2 Statutory Fund.
Tony Hall has been head of client relations — wholesale real estate with DAM for the past seven years. Like Ujdur, he has worked at Jones Lang LaSalle performing the role of director of investment sales. He has also previously held the position of division director of property investment banking with Macquarie Bank.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
