About GDI

An Introduction to GDI Property Group

GDI Property Group (GDI) is an ASX listed property owner and fund manager. We have a proud history of delivering strong returns to investors for over 30 years.

Our Board and employees are passionate about property and about funds management.

We aim to continue to grow the wealth of our investors, provide exceptional accommodation to our customers and be a highly respected brand in our community.

Our success has been founded on a sound investment philosophy of buying well, managing well and selling well.

We appreciate your interest in GDI and welcome any feedback you may have.


GDI was established in 1993, originally operating as Grosvenor Direct Investments. During its journey to a publicly listed entity in late 2013, GDI has had different names and different corporate structures, but what has not changed has been the philosophy of buying well located properties with four sides of natural light, easily divisible floor plates, that have opportunities to value add, for an acquisition price well below replacement cost. During this period we have successfully managed 48 projects with a total value in excess of $2.5 billion.

This has led us to have an outstanding track record of delivering an average internal rate of return of in excess of 20% p.a. on our completed funds, with no single fund having delivered a negative return.


GDI is a fully integrated, internally managed property and funds management group with capabilities in ownership, management, refurbishment, leasing and syndication of properties.

GDI is a stapled entity comprising GDI Property Group Limited (ACN 166 479 189) and GDI Property Trust (ARSN 166 598 161).  Please click here to see a simplified structure of GDI Property Group.

GDI, through its wholly owned subsidiaries, is a high-performance property manager that specialises in providing income and value-add property trusts to listed and wholesale investors. GDI (and its predecessors) has a strong track record in creating wealth through astute property selection and active asset management. Over the past 30 years GDI (and its predecessors) has successfully managed 48 projects with a total value in excess of $2.5 billion.

GDI considers its approach to be unique and it is performance focused not volume driven. GDI is an active investor not a passive landlord, investing predominantly in the office sector in Australian markets with strong growth potential.

With an average of 30 years hands-on property experience, GDI’s highly skilled executives, overseen by a well-credentialed and experienced Board, have amassed a reputation for delivering excellence in total annual returns to investors through a combination of income and growth.

Click here to learn more about our properties


  1. Ongoing, in depth market, trend and asset research

    GDI is an active seeker of value-add commercial property opportunities in Australia. GDI carefully researches these markets seeking property that meets strict investment criteria. It keeps abreast of market and economic trends through regular visits to target markets and frequent interviews with a broad cross-section of market participants. It supplements its own findings with research from highly regarded property and economic research agencies.

  2. Highly focused property asset selection and management

    GDI Property Group acquires under-valued properties generally for between $25 million and $250 million in markets with strong upside potential. Asset selection at the right price has been a fundamental key to GDI Property Group’s previous successful performance. The key criteria it looks for when acquiring properties include excellent locations, good natural light, easily divisible floor plates with upside potential through releasing or refurbishment, at a price substantially below management’s view of replacement cost.

  3. Active repositioning of assets for capital growth out performance

    GDI invests in assets that offer early value-add potential and/or assets that provide steady growing cash flow. It seeks to aggressively improve rental streams from existing tenants and then sell the property at a premium price.

  4. Intensive control of investments

    Before making any property acquisition, GDI carefully analyses the risks attached to the investment and seeks to minimise those risks during the term of the investment. The establishment of clearly defined exit strategies and the ability to sell assets at the appropriate time of the investment cycle has enabled GDI to maximise equity performance and reduce risk.

Quick Links

Board of Directors

  • Mr Giles Woodgate

    Mr Giles Woodgate


    Mr Woodgate is a highly respected chartered accountant with more than 40 years’ extensive professional practice experience in audit, compliance and turnaround and insolvency, both locally and internationally. Having worked for prominent firms like KPMG and Deloitte, as well as being responsible for publishing several widely acknowledged articles and presentations on topics such as insolvency, voluntary administrations and bankruptcy, Mr Woodgate has been the senior partner of Woodgate & Co. since its inception in 1989. He was appointed as a director of the company in November 2017.

  • Mr John Tuxworth

    Mr John Tuxworth

    Independent Non-Executive Director

    Mr Tuxworth has nearly 41 years’ experience in senior executive and non-executive roles in financial services and management consulting businesses, including over nine years with Rothschild Australia Asset Management as an Executive Director and most recently as a founder and the Managing Director of PeopleFirst & Associates, a management consultancy specialising in financial services.

  • Ms Patria Mann

    Ms Patria Mann

    Independent Non-Executive Director

    Patria is an experienced non-executive director and is currently on the Boards of GWA Group Limited and Bega Cheese Limited, and until recently was a non-executive director of EVT Limited and Ridley Corporation Limited. Patria was previously a partner at KPMG and she brings over 20 years of non-executive director experience to the Board of GDI.

  • Ms Susan Hilliard

    Ms Susan Hilliard

    Independent Non-Executive Director

    Susan Hilliard has agreed to join the Board, effective 3 June 2024. Susan has had a distinguished career at King & Wood Mallesons, and was one of Australia’s most highly regarded corporate lawyers. She has over 30 years’ experience advising A-REITs and other real estate sector clients across a wide range of matters, including public and private M&A, IPOs and capital raisings, regulatory issues, and funds management. Susan is currently a non-executive director of the Australian Brandenburg Orchestra.

  • Mr Stephen Burns

    Mr Stephen Burns

    Managing Director and CEO

    Mr Burns was the Managing Director at Stanton Road Partners and previously held the position of head of real estate investment banking at Credit Suisse, Australia, a role he held for nine years after holding a similar position at Deutsche Bank, Australia. Mr Burns possesses vast experience as a Real Estate specialist advisor and expertise in capital markets, mergers, acquisitions and other corporate transactions. Mr Burns has expert skills and deep relationships demonstrated over many years and multiple cycles, over the past +30 years.

Executive Team

  • Mr Stephen Burns

    Mr Stephen Burns

    Managing Director and CEO

    As above.

  • Mr David Williams

    Mr David Williams

    Chief Financial Officer and Joint Company Secretary

    Mr Williams has over 27 years’ experience in the accounting and financial services industry with major accounting firms, commercial banks and international investment banks. Mr Williams joined GDI in early 2013 as a consultant, and from the time GDI listed was formally appointed as Chief Financial Officer and joint company secretary.

  • Mr John Garland

    Mr John Garland

    Head of Property

    Mr Garland has over 31 years’ experience in the property industry including 14 years with GDI. Prior to this, Mr Garland was general manager of a private property investment company focusing primarily on value-add style commercial and industrial property investments.


GDI believes sound corporate governance principles are one of the keys to its success.  From always putting investors’ first to creating a diversified, flexible harmonious workplace, GDI considers it has always operated with the highest corporate governance principles.  Many of these principles have been documented and adopted by the Board, details of which appear below.

Corporate Governance Statement

As a listed entity, GDI is required to report its compliance with, or reasons for not following the 4th edition of the ASX Corporate Governance Principles and Recommendations (ASX Recommendations).

These ASX Recommendations relate to such things as the roles of the Board and its Committees, the Board’s independence, skills and training diversity at both a Board and executive level, codes of conduct, audit processes, investor relations programs, risk management and executive remuneration.

To view a copy of GDI Property Group’s Corporate Governance Statement click here.

Board Charter

The Board’s of GDI Property Group Limited and GDI Funds Management Limited each have common membership, and are collectively referred to as the Board.  The Board has adopted a Board Charter which details the composition, values and functions of the Board and those matters delegated to various committees and the executive management team.

A full copy of the Board Charter can be found by clicking here.

Code of Conduct

GDI is committed to and strives to act honestly and with integrity in all its dealings. The Code of Conduct sets out the values, commitments, ethical standards, and policies of GDI and outlines the standards of conduct expected of GDI’s business and people, taking into account GDI’s legal and other obligations to its stakeholders. The Board and management believe that GDI’s commitment to this code will assist in maintaining the confidence of key stakeholders in GDI’s integrity.

A copy of the Code of Conduct can be downloaded by clicking here.

Nomination and Remuneration Committee

The Nomination and Remuneration Committee (N&RC) is one of two sub-committees of the Board.  The N&RC serves two distinct functions:

  • to assist the Board on its composition, on director appointments, Board performance evaluation processes , Board succession planning; and
  • to assist the Board on remuneration policies and practices for the Board, the Managing Director and executive management team.

A copy of the N&RC charter can be downloaded by clicking here.

Audit, Risk and Compliance Committee

The Audit, Risk and Compliance Committee (ARCC) is the second of two sub-committees of the Board.  The ARCC assists the Board in carrying out its accounting, auditing and financial reporting requirements, and to oversee the risk and compliance programs of GDI, in particular having oversight of GDI’s compliance with its Compliance Plan and its Australian Financial Services Licence.

A copy of the ARCC Charter can be downloaded by clicking here.

Securities Trading Policy

GDI Property Group has adopted a Securities Trading Policy governing the sale of its securities which is designed to maintain investor confidence in the integrity of GDI Property Group’s internal controls and procedures and to provide guidance on avoiding any breach of the insider trading laws in Australia.

A copy of the Securities Trading Policy can be downloaded by clicking here.

Continuous Disclosure Policy & Securityholder Communication Policy

The Board is committed to providing relevant information to Stapled Securityholders about the operations of GDI and to fulfil its duties to comply with its continuous disclosure obligations to the market generally. The Board has adopted a Continuous Disclosure Policy which is designed to ensure compliance with the Listing Rules and continuous disclosure obligations. The Board has also appointed a Disclosure Committee to assist in meeting GDI’s obligations under the Listing Rules. The Disclosure Committee is responsible for:

  • Making making decisions on what information should be disclosed to the market; and
  • Ensuring ensuring disclosure is made in a timely and efficient manner.

Stapled Securityholders will receive an annual report. Newsletters and updates may also be sent to Stapled Securityholders from time to time and information will be available on the GDI website.

A copy of the Continuous Disclosure Policy can be downloaded by clicking here.  For a copy of the Securityholder Communications Policy click here.

Diversity Policy

The Board has adopted a Diversity Policy which sets out the framework GDI Property Group has in place to achieve appropriate diversity in its Board, senior executive and broader workplace.

Diversity in the context of GDI Property Group’s Diversity Policy covers gender, age, language, ethnicity, cultural background, sexual orientation, religious belief, educational levels, life experience, socio-economic background, personality and marital status and family responsibilities.

A copy of GDI’s Diversity Policy can be downloaded by clicking here.

Human Rights Policy

The Board and senior management of GDI Property Group (GDI) is committed to respecting the human rights principles outlined in the International Bill of Human Rights (consisting of the Universal Declaration of Human Rights; the International Covenant on Economic, Social, and Cultural Rights; the International Covenant on Civil and Political Rights; and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work).

This includes the rights of all individuals, including employees, contractors, tenants, and those in the supply chain.

A copy of GDI’s Human Rights Policy can be downloaded by clicking here.

Enterprise Risk Management Policy

GDI has adopted an risk management policy which recognises the importance of a pro-active enterprise wide risk management program.

Through the risk management policy, GDI’s management will ensure that a supporting framework, consistent with Australian/New Zealand Standard on Risk Management (AS/NZS 4360:2004), is in place.

All material risks impacting GDI’s business, including operational, financial, legal and compliance risks are required to be regularly identified, managed, monitored and reported. Methods for treating and mitigating risks include avoiding or retaining and transferring, reducing, accepting or exploiting risks following assessments using a variety of methods.

While the Board has ultimate responsibility for risk management throughout GDI, day to day responsibility for managing risk rests with the GDI’s management generally and the risk manager specifically.

The risk management policy and framework are reviewed at least annually by the Audit, Risk and Compliance Committee with the results to be reported to the Board. The aim of the review is to consider and assess the effectiveness of this policy and its supporting frameworks, and to ensure their continued application and relevance.

A copy of the Risk Management Policy can be downloaded by clicking here.

Conflicts of Interest Policy and Related Party Transactions Policy

GDI has long established practices in how it deals with any actual or perceived conflict of interest or related party transactions.  These practices have been adopted by the Board as individual policies, which can be downloaded by clicking here.

Fraud, Bribery and Corruption Prevention

Fraud, bribery and corruption in all forms, are behaviours that are contrary to GDI’s values. GDI is committed to preventing fraud, bribery and corrupt conduct throughout the organisation and have developed a Fraud, Bribery and Corruption Prevention Policy as part of its overall risk management framework.

Click here to download this policy.

Bullying and Sexual Harassment Policy

To view this policy Click here

Whistleblower Policy

GDI is committed to creating and maintaining a culture of corporate compliance and ethical behaviour in which employees are responsible and accountable, behave with honesty and integrity and can raise concerns regarding unethical, unlawful or undesirable conduct without fear of reprisal.

To view this policy click here.

Performance Rights Plan

The following principles shape GDI’s remuneration strategy:

  • creating and enhancing value for all GDI’s stakeholders;
  • emphasising the ‘at risk’ component of total component of total remuneration to increase alignment with securityholders and encourage behaviour that supports both entrepreneurism and long term financial soundness within the confines of GDI’s risk management framework;
  • rewarding outperformance; and
  • providing a competitive remuneration proposition to attract, motivate and retain the highest quality individuals within a framework of ethical standards of behaviour.

The ‘at risk’ component of total remuneration is paid by way of performance rights.  Details of performance rights issued to the executive management team individually and all staff generally, can be found in each year’s Annual Report.

A copy of the Performance Rights Plan can be downloaded by clicking here.


GDI comprises the stapled entities GDI Property Group Limited (ACN 166 479 189) and GDI Property Trust (ARSN 166 598 161). GDI Funds Management Limited (ACN 107 354 003, AFSL 253 142), a wholly owned subsidiary of GDI Property Group Limited, is the responsible entity for GDI Property Trust. GDI Funds Management Limited has procedures in place to properly consider and deal with any complaints received.

GDI Funds Management Limited will acknowledge a complaint (within 24 hours of receipt), investigate it and decide what action needs to be taken. GDI Funds Management Limited will notify a complainant of its decision together with any remedies that are available under the GDI constitutions or otherwise and any other avenues of appeal (within 30 days).

If you have a complaint in relation to GDI, please contact the company secretary of GDI Funds Management Limited at Level 23, 56 Pitt Street, Sydney NSW 2000 or write to GDI Funds Management Limited at the contact details shown in the Corporate Directory. GDI Funds Management Limited will ensure that the complaint receives proper consideration and communicate with the complainant as soon as possible (and in any event, within 30 days after receipt of the complaint).

If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.

Website: www.afca.org.au
Email: info@afca.org.au
Telephone: 1800 931 678 (free call)

In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

The Australian Securities and Investments Commission (ASIC) also has an infoline (1300 300 630) to obtain information about your rights.

Modern Slavery Statement

A copy of the Modern Slavery Statement can be downloaded by clicking here.