Defence aHousing Australia Annual Report 2014-15

Our subsidiary

Unlisted property fund

DHA Investment Management Limited (DHA IML) is a wholly-owned subsidiary of DHA and is the Manager and Responsible Entity for DHA Residential Property Fund No. 1 (the Fund).

In late 2013, $47.1 million was raised to purchase a geographically diversified portfolio of 79 DHA properties, individually leased back to DHA.

Governance structure

Figure 10 shows DHA IML's governance structure as at 30 June 2015. More detail about each group is set out below.

As the Manager, DHA IML is responsible for the operation and management of the Fund. It must perform its duties as Responsible Entity of the Fund under relevant legislation, the Fund's Constitution and the Fund's Compliance Plan. Among other duties, the Manager must act honestly, with care and diligence, and in the best interests of investors.

Three directors are accountable for the proper and efficient performance of DHA IML's functions, as well as making decisions on direction and strategy. Ms Carol Holley (Chair) and Mr Peter Howman are also directors of the DHA Board. Mr Jon Brocklehurst, DHA CFO, is the third director.

A Compliance Committee monitors DHA IML's compliance with its Compliance Plan, its Constitution and relevant legislation. The Committee comprises Mr Jon Brocklehurst (DHA IML Responsible Manager) and two independent members, including the Chair.

External providers deliver registry and accounting services, and act as Custodian of the Fund.


Quarterly distributions attributable to unit holders in the reporting period totalled $1,582,560 ($0.0336 cents per unit). The value of the properties in the Fund, independently determined by licensed valuers, increased by 7.1% during the reporting period.

Future property funds

Ministerial approval must be given before DHA IML may pursue any other fund arrangements. Investor enquiries indicate potential still exists within this market.

Figure 10: DHA IML governance structure as at 30 June 2015

Figure 10 shows DHA Investment Management Limited's governance structure as at 30 June 2015