This article is from the Australian Property Journal archive
AS it approaches a decade of being in business, Charlie Buxton’s Cadence Property Group has announced a new leadership structure following significant growth within the organisation.
Cadence was founded in 2014 by Buxton, who after holding the role of managing director since the inception of the business, is now making the move to chief executive officer, with a view to focus on further growth for Cadence in the areas of transactions and capital raising.
Along with the newly appointed head of capital transactions, Marco Cunningham, the pair have ambitions to continue to bolster their pipeline of projects and investment assets.
Mitchell Kent has stepped into the role of chief operating officer and will now take on the oversight of day-to-day operations across the business while improving operational efficiency to handle their growth aspirations.
“Mitchell was our first-ever employee at Cadence and as such, our longest-standing staff member. He has contributed significantly to the growth the business has achieved to date,” Buxton said.
Jack Mullen and Tony Mount have maintained their respective roles of chief financial officer and head of investment management.
The restructure follows Cadence’s capital raise for its first multi-asset value-add fund, the Cadence Australian Real Estate Partnership I (CAREP I), reaching $55 million, $5 million above the initial target.
CAREP was established to focus on value-add real estate opportunities and continue to follow a strategy that Cadence has executed since it made its first value-add investment in 2015.
“The success we’ve had in raising capital beyond our target is a significant milestone for the business,” Mount said.
Since inception, Cadence has transacted over $1.54 billion in property and has land holdings with the potential to develop approximately $2 billion of end product.
Cadence and Centruia Industrial REIT have been constructing the M80 Connect multi-unit industrial facility in Melbourne’s Campbellfield, while in May, Cadence and GPT completed their fully-leased $150 million Keysborough industrial estate.
More recently, Cadence divested a development site in Craigieburn to Frasers Property Industrial for $87 million, which will become a new master-planned industrial estate. Nearly a year ago, it offloaded a West Footscray warehouse site to Greystar Real Estate Partners for $23.1 million.
