Leyton Funds appoints Warwick Mittiga as part of restructure

Adelaide property investment group Leyton Funds has restructured its management team ahead of a ramp up of investment in local and interstate real estate.

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Property investment manager Leyton Funds has restructured its leadership team as it ramps up investment across the country.

Former Arcadian Property chief executive Warwick Mittiga has joined the firm as managing director while former Northcape Capital fund manager, Sydney-based John Whiteman, has become the company’s chair.

Leyton Funds has around $100m of retail, industrial, office and development real estate under management, including several properties developed by sister company Leyton Property.

Mr Mittiga, who co-founded residential development company Arcadian in 2016, following a 12-year stint in development and investment banking in London, said Leyton Funds had a “mandate to grow” as demand from property investors soared.

“The current low interest rate environment, which we expect to be with us for some time, as well as cuts to dividends or dilutive capital raisings in equities markets, has led to a shift in investor sentiment and investment grade real estate has certainly become a focus,” he said.

“For us, it is always about the quality of the property and we will continue to be selective and measured. We have traditionally been co-investors into all our funds to share the risk and reward with our investors.”

Leyton Funds recently completed a $5.3m acquisition of an industrial property in Melrose Park, and is offering returns of more than 8 per cent in a new fund invested in Leyton Property developments in Gawler’s Springwood housing estate and Brisbane.

It has also amassed more than 600ha of land in Concordia, east of Gawler, where a master-planned community of around 10,000 homes is proposed.

However the focus in the short term remains on boosting the portfolio with income generating assets valued between $10m and $40m, backed by a network of sophisticated investors.

Mr Mittiga said there was a focus on convenience retail, industrial, office and social infrastructure including health and childcare facilities.

“Geographically there’s no hard and fast rule - we’re looking at Western Australia, we’re looking in Queensland and in the long term we’re confident Melbourne will come out of the current situation,” he said.

“We’re certainly interested in things that require a bit of repositioning but we recognise that there’s demand at the moment for stability of income.

“With office we’re in a strange situation at the moment with a lot of decisions on the eastern seaboard affecting the way work is done in the office, but I personally don’t think it’s the end of the office and we’re interested in office.”

As part of the restructure Leyton Property managing director Hamish Brown has joined the board of Leyton Funds.

Mr Whiteman said he was excited about joining Leyton Funds during a period of growth.