Australia: Norton Rose Fulbright advises on landmark fund for Defence Housing Australia
Last Updated: 17 October 2013

Norton Rose Fulbright has advised Defence Housing Australia (DHA) on the establishment of DHA Investment Management Ltd, a funds management platform to help finance the creation of housing for Defence members and their families across Australia.

DHA Residential Property Fund No 1 is the first investment fund for DHA. The fund will acquire a portfolio of up to 83 properties across Australia with an aggregate value of up to $50 million and have a fund term of 10 years.

Norton Rose Fulbright partner Fadi Khoury said; "This is a key strategic initiative for DHA. The establishment of a funds management arm and Australian Financial Services licence is unique for a government body, which will now compete with the private property fund management industry."

DHA has traditionally employed a sale and leaseback arrangement to fund the creation of housing stock for Defence members and their families. With 19,000 properties under management worth $10 billion, it has developed a strong Australia-wide brand in marketing to property investors looking to acquire individual houses or apartments with the benefit of a lease back to DHA.

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