DHA Investment Management Limited (DHA IML) is a wholly-owned subsidiary of Defence Housing Australia (DHA).

With approval from the Minister for Finance, DHA IML was established as a wholly-owned subsidiary of DHA in 2012. DHA IML holds an Australian Financial Services Licence.

DHA IML was the Manager, Responsible Entity and issuer of units for DHA’s first closed-end unlisted direct residential property fund—DHA Residential Property Fund No. 1 (the Fund).

Fund overview

In November 2013, DHA IML completed raising $47.1 million through the sale of units in the Fund and purchased 79 DHA properties.

DHA IML issued all units to the Centric DHA Residential Property Fund, a fund managed by Centric Limited (Centric). The Fund was intended to have a life of 10 years.

Key attributes of the Fund:

  • Exposure to a geographically diverse portfolio of residential properties in capital cities and selected major regional centres around Australia.
  • All properties individually leased back on long-term arrangements to DHA.
  • DHA manages property tenancy, including agreements with members of the Australian Defence Force and their families.
  • DHA is responsible for property management, repair and maintenance, and restoration services at lease end.
  • Rental increases each year for 10 years of at least 4.25 per cent.
  • Distributions paid quarterly.

In July 2015, Centric/Findex (on behalf of the Centric Fund) advised DHA IML that they had decided to divest out of the residential property market. DHA IML managed the sell down process.

The Fund was formally wound up on 23 September 2016, with the Australian Securities & Investments Commission duly notified.

Future opportunities will be considered as part of a review of DHA's capital structure.


In October 2013, the Centric Fund received the Property Investment Research Unlisted Fund of the Year Award.

During the life of the Fund, distributions totalled $53.0 million (rounded), representing a 12.5 per cent return to unitholders relative to the initial capital invested. This equates to an annualised return of approximately 4.2 per cent across the three-year life of the Fund.

 Performance reports


DHA IML has its own governance and financial structure, separate to DHA's.


A Board of Directors is accountable for the proper and efficient performance of DHA IML’s functions, as well as making decisions on direction and strategy.

Director biographies

Mr Martin Brady

Mr Martin Brady AO


Appointed: November 2015

Mr Brady has a distinguished 28-year career in the Australian Government, with roles at the Departments of Foreign Affairs and Defence. Notable appointments include Director of the Defence Signals Directorate and Chairman of the Defence Intelligence Board.

Since leaving the Australian Public Service he has undertaken reviews and consultancy projects in Australian and overseas on intelligence issues, technology requirements, arms exports processes and Defence overseas staffing.

In 2000, he was made an Officer of the Order of Australia (AO) for his services to the development of Australian strategic policy formulation.

Mr Brady is a member of DHA’s Board, Chair of its Board Audit Committee and a member of its Board Property Committee and Nomination and Remuneration Committee.

Ms Jan Mason

Ms Jan Mason

Executive Director

Appointed: November 2015


  • Bachelor of Arts
  • Bachelor of Social Science
  • Diploma in Continuing Education
  • Advanced Management Program (Harvard Business School)
  • Member of the Australian Institute of Company Directors

Before joining DHA in November 2015, Ms Mason was a Deputy Secretary at the Department of Finance. She was responsible for a range of major areas such as taxpayers’ multibillion-dollar investments in government businesses (including DHA); oversight of major government construction projects, technology and procurement; the sale of Medibank Private; and reform of the Air Warfare Destroyer Program.

Ms Mason has private sector experience and she was also the ACT winner (Community and Government category) and a national finalist in the 2014 Telstra Business Women’s Awards.

Ms Suzanne Pitson

Ms Suzanne Pitson

Executive Director

Appointed: May 2017


  • Bachelor of Arts
  • Bachelor of Law
  • Graduate of the Australian Institute of Company Directors

Ms Pitson was appointed to the position of General Manager, Sales and Marketing from the Department of Finance in February 2017. Having started in Finance in 2000, Ms Pitson has held a number of senior executive positions, most recently as the Assistant Secretary, Government Businesses in Commercial and Government Services.

Among her career achievements, Ms Pitson led a team in the market testing for private sector operation of the ASIC Registry Project, she successfully led both the Commonwealth Due Diligence and Corporate Finance teams in the initial public offering (IPO) of Medibank Private in 2014, participated in other Commonwealth asset divestments including T3, and played a key role in policy development regarding federal Parliamentary entitlements. Ms Pitson is a lawyer with private sector experience and brings a strong commercial focus to her role, as well as a sound understanding of government accountability requirements.

Fund governance


DHA IML was responsible for the operation and management of the Fund. It performed its duties as Responsible Entity of the Fund in accordance with relevant legislation, the Fund’s Constitution and the Fund’s Compliance Plan. Among other duties, DHA IML was required to act honestly, with care and diligence, and in the best interests of investors.


A Compliance Committee monitored DHA IML’s compliance with the Compliance Plan, the Fund’s Constitution and relevant legislation. The Committee comprised of the DHA IML Chief Operating Officer and two independent members, including a chair.


External providers delivered registry and accounting services, and acted as Custodian of the Fund.

Find out more about DHA IML and the Fund.

 Product information

Policy information

 Regulatory information


If you would like a printed copy of any resources, please submit an online enquiry or call 139 342.


Contact Us

Contact information

T: 139 342
E: dhaiml@dha.gov.au
W: www.dha-iml.gov.au

Registered office of the Manager
26 Brisbane Ave
Barton ACT 2600