Julia Gillard joins CVS Lane property financing board

Julia Gillard joins CVS Lane property financing board
Julia Gillard joins CVS Lane property financing board

The former prime minister Julia Gillard has joined the board of Liberman family-backed CVS Lane.

It is a Melbourne-based property finance and investment company established in 2011.

Since inception it has raised over $600 million across 75 transactions with an end value of over $4 billion.

Earlier this year former Prime Minister Paul Keating took a similar board role with MaxCap, a rival property finance house, also based in Melbourne.

Both finance companies are looking for growth beyond being backed by a local wealthy investors in the expanding opportunity of residential development debt which has emerged as the banks curb their exposure under pressure from the regulators.

"I'm intrigued by the work that it does, property financing," the Adelaide-based Ms Gillard told the AFR.

"That is a microcosm of understanding what's happening with the Australian economy and what's happening with global trends.

"I thought I could value-add, not by being a property finance expert – I'm never going to match it with these guys on that depth of knowledge – but by bringing to the table that broader perspective and broader expertise."

Gillard has been on the board for five months having already completed an Asia roadshow.

The former prime minister is the first independent director on the board alongside its founders including Joshua Liberman.

Gillard is also on the board of a New York based educational software group and an adviser to a US venture capital outfit, alongside her philanthropic activity including chair of mental health charity beyondblue.
"I'm leading this portfolio life now, which is quite different to my old life of the one big job," she said.

The Collins Street, Melbourne-based investment house manages a range of investments, including a property partnership with Don O'Rorke's Consolidated Properties Group.

Last week CVS Lane Capital Partners and Consolidated Properties Group confirmed settlement of the sale of Casuarina Village Shopping Centre to the Sydney based investor, Whistle Funds Management for $27.4 million which represented a yield of 5.90%.

CVS has provided a first mortgage facility to assist in the acquisition of the Coburg Quarter property.

It also provided a first mortgage facility for Pamada on the Oslo Apartments site, located 5km northeast of the Brisbane CBD, which will comprise 160 apartments and a retail premises upon completion.

Lee Centra is its managing director with Jason Henry, the chief financial officer. Andrew Vasarelli is the head of credit and asset management.

Its directors include Michael Goldman, Nick Pettigrew and Ari Bergman.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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