A measured stake in institutional Australian property.
RWA oa places single Australian commercial assets and developments into one vehicle each, offered as secured debt with a fixed contractual return, or as equity owning the income, profit and appreciation. What you hold is a register interest, not a coin.
- Vehicles
- 6
- Subscribed
- A$55.3m
- Distributions paid
- 15
Counted from the platform ledger across the public book. All vehicles are fictional and every figure is illustrative.
How it works
From qualification to distribution, in four deliberate steps.
Qualify
Register your interest and verify wholesale status under s708 (sophisticated, professional, or by transaction size) before any offer document is provided.
Review
Read the Information Memorandum, trust deed, independent valuation, and financial model for the specific asset.
Subscribe
Choose your structure and subscribe: secured notes in a debt raise, or units in an equity trust. Minimums start at A$50,000 and are set per vehicle; settlement is in AUD.
Hold
Debt accrues its fixed return to repayment at completion; equity earns quarterly income or completion profit through the waterfall, tracked to exit.
Two ways to invest
Debt or equity. Stated on the first line of every offering.
Every RWA oa offering is one of two things. Debt finances a development for a fixed, contractual return. Equity owns the asset and takes what it earns and becomes. The structure is stated on the first line of every offering.
Development finance, fixed return.
Noteholders lend to a development through a secured facility. The return is agreed in the contract before a dollar is drawn, accrued through delivery, and repaid with principal at completion.
- Return
- Contractually fixed at a rate agreed before a dollar is drawn, then accrued and paid at completion
- Risk
- Lower and more predictable: the return is capped, secured, and repaid ahead of equity
- Priority
- Top of the waterfall: repaid, with all accrued interest, before any equity
- Rights
- Creditor rights: registered security, covenants, consent on major variations
- Term
- Fixed and dated, repaid at practical completion
For capital that wants a defined return on a defined date.
Ownership, income, and upside.
Unitholders own the trust that owns the asset. They receive what it actually earns (rental income quarterly, development profit at completion) and share in capital appreciation.
- Return
- Variable: quarterly net income and/or completion profit, plus appreciation
- Risk
- Higher: first-loss capital, paid after all debt, with nothing fixed or assured
- Priority
- After all debt, ahead only of RWA oa's performance fee
- Rights
- Owner rights: pro-rata distributions, profit participation, a vote on major decisions
- Term
- Target holds of five to seven years, or ~30-month developments
For capital that wants the upside and accepts the risk.
The two structures can coexist in a single project, with debt investors financing the build and equity investors owning the result, each with its own vehicle, deed, and place in the waterfall. Illustrative terms; specifics per offering. Compare the two structures in full.
Why RWA oa
One asset, one vehicle, and a fee that is paid last.
Institutional assets, measured entry
Single commercial assets and developments of a scale normally reserved for institutions, offered one vehicle at a time, from per-vehicle minimums starting at A$50,000.
One asset, one vehicle
No blind pools and no cross-collateralisation. Each property or development sits in its own trust with its own deed, so what you read is what you own.
A planned path to liquidity
Transfers between qualified wholesale investors are on the roadmap. Assume these are illiquid holdings: no market and no price is assured, and nothing in the underwriting depends on one.
Every dollar leaves in the same order.
- 01
Senior project debt
Any external senior facility is repaid first (interest and principal) where one exists.
- 02
Debt investors
Noteholders are repaid their principal plus every dollar of accrued fixed interest. A debt investment is satisfied, in full, here.
- 03
Equity capital
Equity investors' subscribed capital is returned in full.
- 04
Preferred return
Equity investors receive a cumulative 8.0% p.a. preferred return on their capital before any profit is shared.
- 05
Performance split
Only the residual profit is divided: 80% to equity investors, 20% to RWA oa: the platform's performance fee, and the last money out.
The full order of payment, tier by tier, is set out in the frequently asked questions, and realised outcomes against target are published on benchmarks.
Structured for scrutiny
What is in place today
- Every figure comes from a balanced journal
- Money moves as double entry: each movement is two legs that sum to zero, enforced in the service layer, again by database constraints, and checked by a job that re-derives every balance from its own entries. Amounts are whole cents end to end, and no floating point ever touches money.
- The trial balance sums to zero, and every screen reads from it.
- The performance fee cannot be earned early
- Twenty per cent of residual profit, and only once senior debt, note holders, equity capital and an eight per cent cumulative preferred return have been paid in full. No hurdle met, no fee. The order is not a policy anyone has to honour; it is the order the engine pays in.
- Read the waterfall, tier by tier.
- One source for every number
- The offering pages, the subscription calculator, the charts, the statements and the exit model all read one fixture and one engine, so two surfaces cannot quote different figures for the same vehicle.
- Check any figure against the structures page.
What is not in place yet
Each engagement below is a requirement of the structure, not a claim about it. None has been executed; each will be named here when it is. What wholesale qualification involves.
- Legal structuring
- To be appointed
- Drafts the trust deed and offer documents, and settles how the vehicle is constituted.
- Trustee
- To be appointed
- Holds the assets on behalf of unitholders and answers to them, separately from the operator.
- Custody & registry
- To be appointed
- Keeps the register of who owns what, and holds subscription money apart from the operator.
- Audit
- To be appointed
- Examines each vehicle's financial statements annually and reports to unitholders.
If this is for you
Start with qualification, not a commitment.
Registering interest is not an application, not a commitment, and not a subscription. It is the point at which wholesale qualification starts. You can read the whole book first; offerings are open to qualified investors only, and nothing is subscribed until you say so.