Scarcity Partners Buys 30% Stake in Corval Partners From Andrew Roberts Entity

Corval Partners announced on Oct. 14, 2026, that an entity associated with Andrew Roberts has sold a 30% interest in the business to Australian specialist investment manager Scarcity Partners, as part of Corval's plans to accelerate growth.

Roberts' entities will continue to hold a substantial interest in Corval after the transaction, and Roberts remains supportive of the business and of Scarcity Partners joining as a strategic shareholder, the firm said. The deal is a minority investment rather than a change in control, with Corval's existing leadership remaining in place.

Scarcity Partners Takes Strategic Minority Position

Corval said the partnership is designed to strengthen its position as a scalable, specialist property fund manager, building on its investment capabilities, standing in the Australian market and relationships with investors. The transaction expands Corval's share register while maintaining alignment with existing shareholders, the firm said.

Corval co-founder and Chief Executive Officer Rob Rayner said the introduction of Scarcity Partners as an equity partner would enhance the firm's ability to execute a multi-track investor strategy across wealth, institutions and offshore channels.

"This is about bringing in a partner that offers more than just capital," Rayner said. "It supports our long-term vision as a specialist property investor and fund manager with a strong and disciplined investor-first focus, while preserving Corval's entrepreneurial culture and long-term industry relationships."

Rayner said the expanded capacity should help drive talent attraction and retention and provide the team with broader career development opportunities. He described the Scarcity Partners executive team as having a proven record of growing investment management platforms.

"Whilst in many ways it will be business as usual for the Corval team, we now have the added benefit of a strong and aligned equity owner to further grow our business," Rayner said.

Scarcity Partners founder and Managing Partner Adrian Whittingham said Corval has an "enviable track record in direct property, led by high-calibre founders with a clear and consistent focus on delivering strong investor outcomes." He credited the creation and scaling of the platform to the leadership of Rob, Kerr and Andrew.

Growth Initiatives Across Products, Channels and Talent

Corval will work with Scarcity Partners on long-term growth initiatives, including product development, channel expansion and talent alignment, while maintaining its approach to capital management and its focus on investor outcomes, the firm said.

Scarcity Partners invests in specialist financial and investment-management businesses, and the Corval stake is consistent with that strategy. The deal reflects the minority "GP-stakes"-style structure, in which specialist managers receive capital and platform support while founders retain meaningful ownership and operational influence.

Corval's Portfolio and Platform

Lonsec's 2026 review of the Corval Property Fund, which uses manager data as of Nov. 30, 2025, provides the most specific recent view of the platform. The fund had a product size of A$186 million and strategy assets under management of A$193 million. Total assets stood at A$192.8 million, up from A$117.4 million at the prior review.

The portfolio comprised 46 properties, including indirect holdings, compared with 33 previously. Occupancy was 97%, compared with 99% previously, and the weighted average lease expiry (WALE) of direct property was 7.6 years, down from 10 years. The fund's income yield was 6.85%, up from 6.4%, and its capitalisation rate was 6.86%. Debt totaled A$40.7 million.

The fund targets a geared equity internal rate of return of 10% to 12% per year, and average income distributions since inception have been just over 5% per year. Lonsec maintained a Highly Recommended rating for the fund, citing its diversified portfolio, income profile and long-term investment objectives.

Market Backdrop for the Transaction

The partnership comes as conditions in Australian commercial property have improved. The sector recorded an 8.6% annualised total return in the second quarter of 2026, made up of a 5.3% income return and a 3.2% capital return. Overall property capitalisation rates were 5.8%, with sector rates of 5.6% for retail, 5.3% for industrial and 6.1% for office.

Occupancy also rose. The overall rate increased 0.9 percentage points to 97.6% year over year, while office occupancy climbed from 93.1% to 94.5%, although performance remained uneven across CBD markets.

Corval said the partnership comes at a time of evolving market conditions in the unlisted property sector and positions it to capture market share through continued performance, research ratings and a differentiated offering.

What to Watch

Market participants may look to see whether the Scarcity Partners investment leads to new products, mandates or distribution arrangements across wealth and institutional channels, and how Corval's assets under management develop from the current base of about A$193 million. Portfolio indicators such as occupancy and WALE, which have eased from prior levels, and the pace of acquisitions and leverage also bear watching as the firm pursues expansion.

Sources

• Corval: Corval forms strategic partnership with Scarcity Partners