Mirvac stalwart Brett Draffen expected to lead GPT

Melbourne central shopping centre. Picture: Aaron Francis

GPT’s board could now be looking further afield for a new boss to run the country’s oldest property trust.

Initially, GPT’s chief financial officer Anastasia Clarke was considered the favourite.

But now the chatter is that investor feedback suggested a candidate with more operational experience in real estate was preferred, and the spotlight is on former Mirvac chief investment officer Brett Draffen.

GPT confirmed prolonged speculation in the market when it said on February 10 that chief executive Bob Johnston would be retiring in December.

Ms Clarke joined GPT in 2009. She has previously worked as a CFO at New City Australia and was head of finance at Dexus Property, and has held corporate treasury and project finance roles at Lendlease.

Mr Draffen recently departed Mirvac after 14 years at the company, working as chief investment officer from 2014 where he was responsible for portfolio construction, strategy, capital allocation and investment decisions across Mirvac’s $15bn real estate and investment development activities.

Before that he held roles including CEO development and group strategy, and CEO NSW and Victoria.

Mr Draffen was understood to be in the running to head Mirvac after the announced departure of managing director Susan Lloyd Hurwitz, but the job was awarded to Mirvac’s head of commercial property, Campbell Hanan, who was also believed to have been earlier approached for the GPT role.

Other parties understood to have been approached include Charter Hall’s head of office, Carmel Hourigan, but she declined the role.

Dexus chief investment officer Ross Du Vernet and the company’s executive general manager of funds management, Deborah Coakley, are also likely candidates, while Stockland executive Clem Salwin has been considered.

The $8bn GPT is one of Australia’s major owners, managers and developers of retail, office and industrial assets, with some of the country’s most prominent towers and shopping malls including Westfield Penrith, Melbourne Central, Melbourne’s 150 Collins St, One One One Eagle St in Brisbane and the Citigroup Centre at Sydney’s 2 Park St.

Sources say directors are keen for a new boss who will take a fresh approach to running the business and revitalise its operations. It has been considered a takeover target in recent years.

GPT counts UniSuper as its largest investor with 16.3 per cent, followed by BlackRock with 10.25 per cent, according to Bloomberg data.

If Mr Draffen wins the role, he will be pitched against his old colleague, Mr Hanan, with Mirvac and GPT competing on all fronts.

Mr Johnston’s departure from the GPT comes amid a broader changing of the guard in the property industry. Grant Kelley was last year replaced as Vicinity Centres managing director by Peter Huddle, the chief operating officer and more recently the acting CEO.

Scentre boss Peter Allen also left and was replaced by CFO Elliott Rusanow.