Approved · Waiver · decided in 17 days, 26 Mar 2026
Victorian Funds Management Corporation, on behalf of its clients, will subscribe to units in two stapled trusts, RF CorVal MHE Land Trust and RF CorVal MHE Operator Trust, with CorVal Partners Limited as trustee. This investment in residential property development and management will see State Street Australia Ltd hold minority interests.
Victorian Funds Management Corporation ( VFMC ), as investment manager of several investment vehicles ( VFMC Clients ), proposes for the VFMC Clients to subscribe to units in two stapled trusts of which CorVal Partners Limited acts as trustee, comprising RF CorVal MHE Land Trust ( Land Trust ) and RF CorVal MHE Operator Trust ( Operator Trust ) (together, MHE Fund ). MHE Fund is a stapled structure pursuant to which the Land Trust holds properties and leases them to the Operator Trust. MHE Fund’s downstream co-venture, also comprised of a stapled land trust and operator trust, develops and manages residential property. The VFMC Clients involved in the acquisition are the Emergency Services Superannuation Board (as trustee for Emergency Services Superannuation Scheme), the Transport Accident Commission, the Victorian Managed Insurance Authority, the Victorian WorkCover Authority, and the VFMC Investment Fund (of which VFMC is the trustee). Following completion of the transaction, State Street Australia Ltd, acting as custodian for each of the VFMC Clients, will hold minority interests in the relevant MHE Fund entities.