Australian Real Estate Weekly "Taking stock of property FUM growth" Shield

Research evidence excerpt

Australian Real Estate Weekly "Taking stock of property FUM growth" Shield

Global Research

29 June 2026ab

Australian Real Estate Weekly Equities

AustraliaTaking stock of property FUM growth

Real Estate

Cody Shield, CFA

FUM growth has diverged across the property fund managers Analyst

In Figure 2ProgresionofFUMgrowthfromJun-19tonow below, we review how 3P FUM growth has diverged across the domestically- cody.shield@ubs.com

focused property fund managers from FY19 to now. Recent FUM momentum has been +61-2-9324 2903

strongest for: i) GPT - which has grown its 3P FUM by 52% from Jun-23 ($19.0bn) to Solomon Zhang, CFA

Jun-26 pro-forma ($28.8bn), following GWSCF's acquisition of 50% stakes in Sunshine Analyst

Plaza and MacArthur Square for $1.2bn; and ii) CHC - which has seen property FUM solomon.zhang@ubs.com

step up 14% from Jun-24 ($65.5bn) to May-26 ($74.7bn). In contrast, growth has been +61-2-9324 2007

more challenged for DXS which has seen its FUM slip -9.5% from Jun-24 ($40bn) to Miriam Pritchard

Dec-25 ($36.2bn), with further downside risk given DXS' $7.6bn in infrastructure FUM Analyst

(~$4.0-4.5bn which is APAC) is currently under strategic review or subject to litigation. miriam.pritchard@ubs.com

FUM growth has been flat-to-slightly-positive for MGR, CNI and LLC since FY23/24. We +61-2-9324 2270

are Buy rated on both GPT/CHC, and expect both to benefit from continued momentum Aman Madhyastha

in FUM and a pick-up in generalist interest as we approach peak rates (UBSe: Aug-26). Associate Analyst

aman.madhyastha@ubs.com

Prologis £12.6bn takeover bid for UK industrial giant Segro +61-2-9324 2000

Prologis, the largest owner/developer of logistics real estate globally, has made a 925

pence p/s (or £12.6 billion) proposal to combine with SEGRO plc - see our US team's