The XCap Difference: Investing in Commercial Assets and Regional Economies
Across Australia, several regional centres are demonstrating economic strength that is reshaping investment conversations. In many regional cities, population growth now exceeds the national average, while continued investment in transport, energy, education and health is supporting business activity and economic growth in those regions.
As these trends strengthen, regional investment is being viewed more seriously by wholesale investors, advisers and industry participants seeking investments underpinned by long-term fundamentals rather than short-term sentiment.
XCap was established to deliver that opportunity to investors with trust and discipline. XCap is a specialist funds management and finance business backed by a strong pipeline of quality assets across commercial office, large-format and neighbourhood retail, child care and social disability accommodation (SDA), anchored by quality tenants and stable income. These are investments structured around tenancy strength, location fundamentals and capital settings that hold through cycles.
Our team draws on decades of experience across funds management, development, construction and finance, which is supported by deep relationships with lenders, valuers, tenants and project partners in the Newcastle Hunter Region and across Australia. That combination of operational depth and network reach shapes how we assess risk and informs the kind of judgement that comes only from having delivered and managed assets firsthand.
This is XCap’s focus. Real economies. Strong investments. Built to endure.
The XCap team
Built from Delivery
XCap’s platform is grounded in delivery. Through our relationship with GWH, one of regional Australia’s most active development and construction groups, we bring investors direct access to a pipeline of quality assets and investment opportunities, along with the insight that comes from delivering them.
That alignment spans more than 30 years of development and over $2 billion in completed projects across commercial office, large format retail, fast food, fuel, neighbourhood shopping centres, childcare and specialist disability accommodation. This practical foundation informs how we evaluate each opportunity. We assess not just the investment profile, but how an asset is built, occupied and managed once operational.
We have a comprehensive understanding of where project costs concentrate, how tenancy mix affects long-term outcomes, and what creates genuine durability in an asset. Exposure to procurement, delivery and funding decisions has built a level of commercial literacy that is difficult to replicate through advisory layers alone.
This integration of experience and investment sits at the core of our model and provides the discipline to pursue opportunities that are focused on delivering strong and stable returns to investors.
Heatherbrae Supa Centre, XCap LFR Heatherbrae Fund
Investing with Intent
XCap invests in properties where end-use is essential, where lease profiles support long-term performance, and where key economic drivers are already in motion.
That philosophy is reflected in our portfolio, from the XCap Office Fund, comprised of 100% occupied A-grade commercial assets in core urban centres, to the XCap LFR Heatherbrae Fund, anchored by national retailers in a growing infrastructure corridor.
Discipline at XCap sits in the way we filter. Every asset must demonstrate income strength, strategic relevance and the ability to deliver value over time. When those fundamentals align, we move decisively. When they do not, we walk away.
We invest with intent, manage with focus and structure every fund to prioritise stable returns and protect downside risk.
Darby Plaza in Newcastle, part of the XCap Office Fund
How We Read Regional Economies
Regional economies are increasingly where Australia’s most compelling long-term opportunities for capital are emerging. In regions like Newcastle and the Hunter, sustained investment in health, defence, logistics and education is reshaping employment bases and drawing people, services and capital into new commercial hubs. Infrastructure that once moved people through a region is now creating new employment and activity centres, and with that, demand for office, retail and essential service space.
XCap views these markets from the inside through GWH, our partner business. GWH’s work across development, funding and delivery in Newcastle, the Hunter and beyond gives us a detailed view of how projects move from feasibility to completion. It also provides insight into how tenants make location decisions and which corridors build momentum over time.
We see where infrastructure spending and other key economic ingredients combine to meaningfully change behaviour and drive economic outcomes captured in Gross Regional Product (GRP). In FY23/24, the Newcastle Hunter region recorded GRP growth of 6.8%, outperforming all Australian States and Territories.
That lens sits behind the assets XCap selects for its funds and informs how we think about risk, lease terms and the resilience of income in the markets we know best.
XCap and GWH team members on site
The Team Behind XCap
The leadership team at XCap has built their careers across the full investment and asset lifecycle. Across the team sit backgrounds in commercial banking and private credit, funds management, development feasibility, construction delivery, property valuation, risk management and asset strategy.
Managing Director Geoff Robinson brings more than 25 years in property valuation, development management and commercial property finance. He has assessed, structured and overseen complex transactions across cycles, with a particular focus on how risk, security and return interact in real assets across regional Australia.
Director Jonathan Craig has spent decades identifying, acquiring and delivering projects through GWH, leading teams across procurement, construction and completion of income-producing property for wholesale investors. His experience is grounded in making projects work commercially from site selection through to occupation.
Chief Operating Officer Lisa Bau has extensive experience in funds management, governance, legal, risk management, compliance and operations. She has worked across regulated environments and high-growth businesses, ensuring that decision-making, reporting and oversight frameworks are robust, practical and scalable.
Funds Management Executive Luke Barker has more than 25 years’ experience in strategic, financial and business advisory roles across construction, property development, civil construction and local government. He supports XCap’s funds management and investor relations through his expertise in accounting, planning and reporting.
Alongside this leadership team, XCap’s broader team brings specialist capability in credit, finance, marketing, accounting and HR. Together, this mix of skills allows the business to interrogate every opportunity from multiple angles and to manage each asset with the same discipline that shaped it at the outset.