Mirvac Funds Management (MFM) has appointed Austock Property Management as the responsible entity of the Mirvac Childcare Fund (formerly the James Fielding Childcare Fund).
Sydney-based Mirvac will receive $1.5 million from Austock, which has offices in Sydney, Melbourne and Brisbane, for its obligations under the Deed of Retirement and Appointment, including an anti-competition obligation.
Mirvac acquired the James Fielding Group in 2005 and MFM chief executive officer Grant Hodgetts said the management of childcare assets does not accord with the company’s core activities across the real estate funds management spectrum prompting the arrangement with Austock.
“We have an obligation to unitholders [of the Childcare Fund] to appoint a responsible entity that’s totally committed to that asset class. Austock has expertise and procedures dedicated to that sector, which we don’t. Its appointment will enable MFM to refocus its attention on its core business.”
Austock was one of several companies invited to submit an application for the role.
Hodgetts said MFM selected Austock because, through its role as responsible entity of both the Australian Education Trust and the Australian Infrastructure Fund, it is the leading manager of childcare and educational assets in Australasia.
Austock chief executive officer Vin Harink, said the company was “extremely pleased” with the appointment.
“We have a strong track record in property funds management, particularly in relation to childcare, and are well-qualified to take on the role.”
