Equiti Capital has appointed former federal opposition leader John Hewson as chairman.
The property fund manager's executive director, Linden Toll, said Hewson's appointment would help execute the company's long-term growth strategy. In Australia, Equiti Capital plans to focus on property funds for retail and institutional investors. The next cab off the rank will be a property play somewhere in Australia, but it may not necessarily be an equity investment; it could be debt.
"What you're looking at is opportunity-type funds, attracting offshore investment into propositions in Australia that may for one reason or another have issues that may be solved but they haven't been," Toll said.He said the assets could be in receivership or otherwise distressed, and Hewson's business, government and financial services networks would help accelerate Equiti Capital's growth as a significant funds management business.
"John's considerable network and background really provides us some extra impetus into the space," Toll said.Hewson has advised two successive federal treasurers and the prime minister. His political career spanned eight years as the member for Wentworth. He was the opposition finance spokesman, treasury spokesman and industry and commerce spokesman. He was the Liberal Party leader and opposition leader for four years.
His business career has included roles as a founding executive director of Macquarie Bank and chairman of ABN Amro Australia.
Equiti Capital launched its flagship Equiti US Multifamily Property Fund earlier this year.Toll said Equiti Capital was in the final stages of negotiating the acquisition of 320 garden-style apartments in Dallas, Texas, for about $14 million, its first investment for the fund.
If all goes smoothly, Equiti Capital will seal the deal by the end of September.
