Colonial First Estate Global Asset Management (CFSGAM) has hired Michael Sheffield to lead the upcoming Opportunistic Development Fund under its joint venture with property developer CRI Australia.
Sheffield, formerly a fund manager with Investa, has over 15 years' experience in the property and funds management sectors.
He previously worked at Commonwealth Bank of Australia (CBA), Lend Lease, Deutsche Asset Management and Westpac. At CBA, he played an integral role in the Chatswood Rail Interchange project, which CRI Australia is developing.
CFSGAM head of unlisted property funds management Tim Stringer said the appointment showed CFSGAM's ability to hire the best in the industry.
"The creation of the first fund through our joint venture arrangement is an important milestone for CFSGAM and CRI Australia and we wanted to ensure we had the best person in the job to manage it," Stringer said.
"Michael has a very solid track record and his most recent experience at Investa, where he was responsible for the establishment of new funds, will obviously add an important dimension to the very strong capabilities we already have in house."
The fund would provide institutional investors with the opportunity to participate in an opportunistic property development fund targeting higher returns through entrepreneurial business activities, he said.
"This joint venture aims to capture an ongoing supply of equity to fund property developments across Australia," he said.
Sheffield is due to start in his new job this month.
