Morning Crest Exto Capital
Morning Crest Exto Capital (MCEC) is an Australian institutional grade real estate investment manager. We invest thematically in high-quality assets. Currently we focus on the mid-market Living sector, combining income-producing assets with value-add development—supported by a modular construction capability to improve feasibility, speed, and cost certainty in Australia.
Three pillars
Yield-generating assets: stabilised Living properties that can deliver predictable income and distributions.
Development: selectively deploy capital into Living developments where equity returns can be materially higher, driven by higher development margin & delivery efficiency as a result of applying modular construction.
RE loans: selectively deploy capital into risk-adjusted real estate finance investments which provides liquidity for investors
Hybrid Strategy
Investor can choose in our flagship Hybrid fund which allocates funds into all three investment strategies. This blend is intended to provide stable distributions with enhanced liquidity while also capturing development-led upside, targeting a better risk-adjusted total return profile across the cycle.
Alternatively, investors can choose any of the three strategies to best suit their investment targets.
Products
INVESTMENT
Capabilities and Philosophies
We have strong track records in initiating, managing, listing and exiting listed property funds. We also have deep expertise in property development, modular construction and asset management in Australia and globally.
Key members of the team have completed various property sector IPOs including property development companies and REITs. Our goal is to list the flagship fund on the Australian stock exchange as a REIT.
Our focus is on the Living Sector including co-living, PBSA, hotel and motel and boarding houses. We believe this sector will see strong growth in value and development opportunities in Australia over the long run. Our investment strategies including acquiring and operating quality Living Sector assets, sourcing value-add and development opportunities and securitisation of fund’s assets when timing is right.
The Manager will endeavour to identify, select, and evaluate investment opportunities diligently and efficiently. The Manager’s primary role is to successfully implement the investment strategy of its funds in order to generate above benchmark returns for Investors.
Open Offers
MCE Hybrid Property Fund 1
The Fund’s investment thesis is to blend different types of property related assets and to achieve a balanced, risk-adjusted and stable return over the long term.
MCE Asset 1 Fund
A real estate equity fund pools investor capital to acquire ownership stakes in specific property projects, aiming for returns through property appreciation and income.
SPV property fund that holds a student accommodation building near Macquarie University, operated as an official accommodation of the University.
MCE Finance Fund
A real estate finance fund provides debt capital to property developers and investors, supporting acquisitions, construction, or refinancing projects, and generates returns through interest payments and loan fees.
LIVING
— Student & Hospitality Assets
Resilient income anchored in education and urban living demand.
Sydney | Macquarie University Student Accommodation
Located adjacent to Macquarie University, Dayman Apartments deliver 100% occupancy and strong NOI yield. As an officially affiliated student housing provider, it benefits from stable, university-sourced tenants and minimal default risk. Sydney’s concentration of international students reinforces long-term rental resilience.
Canberra | Hotel close to CBD, universtiy and government offices
Positioned near the Australian National University and Canberra’s CBD, this hospitality asset captures steady government, corporate, and tourism demand. Post-renovation performance shows strong upside, with occupancy and ADR growth reflecting the property’s revitalised market position.
Cairns | Purpose-built student accommodation close to universities and CBD
Centrally located student accommodation with convenient access to CQUniversity Cairns and James Cook University (Cairns Campus). The asset benefits from strong public transport connectivity and proximity to retail, transport, and airport infrastructure, supporting stable demand from domestic and international students.
Cairns | Purpose-built student accommodation in a central city location
Located in Parramatta Park, this student accommodation offers apartment-style living close to Cairns CBD, transport links, and key amenities. The secure, gated property features private ensuite rooms, shared kitchens and lounges, and onsite communal facilities, supporting stable demand from students and young residents.
Cairns | Purpose-built student accommodation in Parramatta Park
Located in Parramatta Park, this student accommodation benefits from close proximity to TAFE Queensland Cairns Campus and public transport connectivity. The property offers private ensuite rooms, supported by well-maintained communal facilities and nearby retail and lifestyle amenities, underpinning stable student-led demand.
Development
– Modular Construction
Aiming for above market development return benefited by reduced time and cost
Newcastle | Modular PBSA Pilot Project
Morning Crest Exto Capital’s Jesmond pilot with Yahgee introduces a modular PBSA model delivering faster, higher-quality, and cost-efficient student housing. With strong demand and limited supply, it sets a scalable blueprint for sustainable, high-yield living assets across Australia’s education hubs.
INDUSTRIAL
— Core Logistics & Manufacturing Assets
Defensive income backed by Australia’s industrial expansion.
EXECUTIVE TEAM
The team at MCE Capital has extensive experience and knowledge in the property sector.
Our partners and management team having previously worked at Australian and globally influential companies such as Macquarie Bank, Morgan Stanley, J.P. Morgan, Citigroup, Pacific Insurance, Greenland Group, KPMG, and more. They have also established and managed three listed real estate companies in Australia, the United States, and China, with a total market value of over $5 billion and completed nearly $100 billion in asset and financial product transactions.
Key Members
David Wang
Mr. Wang is the founder and honorary chairman of Greenland Hong Kong Holdings Limited (337.HK), a property developer. He is also the co-owner of the Shanghai Peninsula Hotel. He has over 30 years of real estate development experience, deep understanding of market cycles and extensive networks. Mr. Wang oversees the company’s strategies.
Fred Bai
Mr. Bai has extensive experience in real estate investment, financing and fund management. He has successfully initiated and participated in several REIT acquisitions and IPOs, including the IPO of Reven Housing REIT in 2016. Mr. Bai previously worked in the real estate investment banking division of Macquarie Bank, Shenyin Wanguo and China Pacific Insurance.
Peter Hammond
Peter is co-founder and director of the Exto Partners which provides fund management, trustee and RE services for funds licensed under the Exto Partners AFSL. Peter has over 20 years’ experience in venture funds management, M&A, capital markets and governance. He is a registered Australian CA and is an experienced public company director.
David Flannery
David’s experience in property development, transactions, portfolio/asset management and complex project finance structures brings insight and partnering skills across multiple asset classes in a core and value-added capacity. He sits on investment committees for some of Australia’s largest property funds, developers and REITs, including Brookfield and Abacus. He is former Head of Australian Commercial Real Estate for PGIM and Fund Manager of the Macquarie Residential Fund.
John Courtney
John’s experience in retail, commercial and warehouse development, asset management and strategy formulation brings great skills to our business. John is now Senior Executive & Group General Manager of Abacus Property Group. His past experiences include Head of Retail Development and Leasing for Charter Hall Group and Charter Hall Retail REIT.
Tim Fung
Tim is Founder and CEO of Airtasker, an ASX-listed online marketplace platform. He is a partner in Tank Stream Venture and founder of TSL co-working space. Tim has extensive experience in the technology sector and expertise in the office sector.
Value Creation
HYBRID RETURNS
Living Sector in core locations
ENHANCED LIQUIDITY VIA REITs
Morning Crest Exto Capital Pty Limited
ADD: Address: L26, 1 Bligh Street, Sydney NSW 2000 Australia
Email: investors@mceproperty.com.au
Morning Crest Exto Capital Pty Ltd
is a Corporate Authorised Representative of
Exto Partners Pty Ltd (AFSL No. 478994)