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Property veteran Barry Brakey farewells the Future Fund

June 12, 2018

The Future Fund's property head Barry Brakey has stepped down after a decade in the role. Photo: Josh Robenstone

One of the most powerful operators in the commercial real estate sector, Barry Brakey, has resigned from his post heading the Future Fund’s property arm after a decade in the high-flying role.

During his stewardship, the $141 billion sovereign wealth fund’s global property book has expanded to more than $8 billion.

Mr Brakey, a well-regarded mover and shaker in the sector, presided over a number of landmark deals during in his tenure and was not afraid to trade out of assets where he saw an opportunity for capital gain.

In one stand-out deal last October, the Future Fund on face value more than doubled its money after selling off a New York office tower to a Japanese real estate company for about $600 million.

Closer to home, the Future Fund achieved a 46 per cent gain in the value of its Waterfront Place office tower and adjoining retail centre in Brisbane after a sale to Dexus for $635 million three years ago.

More recently, a property vehicle managed by CorVal Partners and backed by the Future Fund booked a strong return from the sale of an office building in Brisbane for $133 million to Germany’s biggest pension fund.

The national fund has also been happy to take part in major corporate activity where it made sense, such as its recent backing, along with other global funds, of Brookfield Property Partners’ takeover of GGP Inc.

As Mr Brakey leaves – he is yet to announce any new post – his responsibilities have been reassigned with the Future Fund reorganising its investment team into five roles across the asset classes.

Covering the real estate sector will be Stewart Tillyard as head of unlisted property and Sarah Carne as head of listed tangible assets.

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