Our Managers >


Subscribe to updates from CorVal



RF Corval is a specialist property fund manager and investor that manages funds on behalf of a broad range of investors, including large Australian institutions, family offices, offshore groups and both high net worth and retail investors.

RF Corval’s objective is to provide its investors with access to Australian real estate opportunities that deliver strong risk-adjusted returns, by investing in simple investment vehicles that offer complete transparency, an absolute focus on performance and a strong alignment of interests.

RF Corval views its investors as valued investment partners with whom it seeks to build deep, long-term relationships based on trust, honest communication and transparency. RF Corval works closely with its investors to understand their needs and create bespoke property investment solutions that deliver long-term, real performance with an aligned fee structure.

RF Corval offers investors the focus, energy and commitment of a ‘boutique’ fund manager, whilst providing institutional grade reporting and deal sourcing capabilities through RF Corval’s senior management team of Rob Rayner and Kerr Bray, who collectively have over 50 years of experience in institutional property funds management.

Since the establishment of RF Corval in 2009, it has acquired 46 properties with a value in excess of $2.2 billion. Over the past few years, RF Corval has also sought to dispose of a number of properties, delivering investors with realised performance well in excess of their initial return targets. RF Corval currently manages a portfolio of more than 20 investments and employs a team of 14 real estate professionals who are dedicated to exceeding its investors’ objectives.

RF Corval is a private company that is owned by the senior management team and RF Capital, a vehicle associated with Andrew Roberts, the CEO of the previously ASX-listed Multiplex Group, prior to the takeover of that company by Brookfield Asset Management

To give you a flavour for the some recent property investments, we have provided a brief overview of both the Corval PACT Trust and the CorVal Ingham Trust.

CorVal PACT Trust: June 2014 – Intended Syndicate Term 5 Years

The CorVal PACT offered investors an opportunity to invest in three properties comprising of industrial warehousing and manufacturing facilities in established industrial markets throughout Australia (one each in Sydney, Melbourne and Perth) for A$37.55m with a blended acquisition yield of 8.6%.  These Properties were leased to entities controlled by ASX listed PACT Group Holdings Ltd (ASX code PGH), with the lease obligations guaranteed by the group (market cap circa A$1bn).

The lease terms were for fifteen (15) years under a triple net structure with the tenant responsible for all outgoings, repairs, maintenance and capital expenditure on the structure and plant and equipment over the full lease term.

The projected base case equity IRR was 13.2% p.a. (pre-performance fee) with an average projected Trust Earning Per Unit (EPU) of 10.5% p.a. over the intended five year investment term of the Trust.

CorVal Ingham Trust: October 2014 – Intended Syndicate Term 7 Years

The Corval Ingham Trust offered investors the opportunity to invest in portfolio of properties that were acquired under a sale and leaseback transaction from Inghams Enterprises Pty Ltd (Ingham), with lease terms of between 20 to 25 years (WALE of 22 years) and blended portfolio acquisition yield of 8.6%.

The tenant was Ingham, Australia’s largest poultry producer with a market share of approximately 36%. The business was founded in 1918 and its present day operations trace back to the 1960’s, when the company entered into major supply agreements with the likes of Woolworth and KFC. Ingham’s gross sales have grown from A$1.93bn (2011) to A$2.27bn (2014).

The lease for each property was structured on a triple net basis, with the tenant responsible for all outgoings, repairs, maintenance and capital expenditure over the full lease term.

The projected base case equity IRR was 14% p.a. (pre performance fee) with an average projected Trust Earning Per Unit (EPU) of 11.2% p.a. over the intended seven year investment term of the Trust.


The information applies to CorVal Partners Limited (ACN 130 628 830) and its related bodies ("CorVal Partners").
Information on this website is of a general nature only. It does not take into account any individual's personal circumstances, nor does it seek to make a personal recommendation to any individual. In order for a personal recommendation to be made you should contact an appropriately qualified and licensed financial adviser so a full needs analysis can be undertaken with full access to personal information. None of CorVal Partners Limited, its related bodies corporate, nor any of their employees, will provide any individual with personal financial advice.


    We package up fund manager skill under the Winston Capital Partners brand.


    We help managers distribute their products to the most appropriate sales channels.


    We assist fund managers and companies with one-off capital raisings where we have a high conviction around the idea.

  • Winston Special Opportunities

    We offer investors access to investment opportunities from world class fund managers where capacity is limited.

What is a financial services licensee? A person or entity is a financial services licensee if they hold an Australia financial services licence issued pursuant to the Corporations Act 2001