From qualification to exit.
Four steps, one vehicle per asset, and a distribution order written into the deed before a dollar is raised. This page is the mechanics in full; the offering pages carry the figures.
The process
Four steps, in order.
Each step has to be complete before the next one starts. That sequence is the compliance position and the investment discipline at the same time.
Qualify
Register your interest and verify wholesale status under s708 (sophisticated, professional, or by transaction size) before any offer document is provided.
Qualification is evidence, not a tick-box: a certificate from a qualified accountant for s708(8)(c), given no more than six months before the offer; evidence of professional-investor status for s708(11); or a subscription of at least A$500,000 in a single offering for s708(8)(a). Nothing is sent until that evidence is on file, which is why the process starts here rather than ends here.
Review
Read the Information Memorandum, trust deed, independent valuation, and financial model for the specific asset.
Each vehicle holds one asset, so the reading is finite. The Information Memorandum sets out the structure and the risks; the trust deed sets out what the vehicle may and may not do; the independent valuation is prepared by an external valuer; and the financial model shows the assumptions behind every target figure. Take all of it to your own advisers. RWA oa does not advise.
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.
Subscription is per vehicle and settled in AUD. Debt raises issue secured notes and equity raises issue units in the trust, each at a fixed face value set per vehicle, from A$100 to A$1,000 across the current book. The register records the holding and the deed governs it, so what you read in the documents is what you own.
Hold
Debt accrues its fixed return to repayment at completion; equity earns quarterly income or completion profit through the waterfall, tracked to exit.
Debt accrues its fixed interest monthly and pays nothing until practical completion, when principal and all accrued interest fall due together. Equity distributes quarterly where the asset is already stabilised, and at completion where it is still being built. Either way, assume the holding is illiquid and held to the end of its term.
The waterfall
Every dollar leaves in the same order.
Completion and exit proceeds in every vehicle are distributed in the fixed order set out in its trust deed. Debt is satisfied in full at tier two; equity is paid from tiers three to five, which is where both the upside and the risk sit.
- 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.
Illustrative only, not a forecast.
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.
Next
Read the structures, then read the offerings.
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.