HIGH-profile former CEO of Australia Post, nab/MLC and Latitude Final, Ahmed Fahour has been recruited by Tim Gurner to run his fast-growing development empire.
Fahour will become group chief executive officer of Gurner Group, which has a $14.6 billion portfolio across six divisions. Terms of the deal are undisclosed, but it is believed that in addition to running the group of companies alongside Gurner, Fahour will make a minority investment in the platform.
Founder and chairman Tim Gurner will be focusing on the group’s future direction around its core business of wellness, hospitality, design, property management, funds management, build-to-sell (BTS) and build-to-rent (BTR) property development.
In 2023 alone, despite industry headwinds, Gurner Group announced over $300 million worth of land acquisitions across its BTR and BTS platforms, which added a further $1.9 billion worth of total project value to its pipeline.
Gurner this week announced that its build-to-rent venture with Qualitas is partnering with Malaysian developer OSK Property to develop and operate a BTR tower within the $2.8 million Melbourne Square precinct on the edge of the CBD.
This year also saw Gurner announce its investment back into the wellness industry with private wellness club Saint Haven launching its inaugural location in Collingwood, which has over 4,800 people on a waitlist and more locations soon to be announced.
In 2019 Gurner announced its strategic intent of focusing the group into a capital-light fund manager of luxury living and lifestyle. It is focusing on delivering new homes to close the large housing gap in Australia, which is estimated to be a shortfall of 175,000 homes, according to the Australian Bureau of Statistics, as well as the ageing population, and matching the $4 trillion savings market, including super, with asset opportunities to deliver attractive risk-adjusted returns, with the funds management offering.
“It is extremely humbling to announce Ahmed’s appointment today after watching him lead some of Australia’s largest private and public companies for over 20 years,” Gurner said.
“Ahmed’s appointment is in line with our strategic plan we set in 2020; to continue to grow and diversify the group and begin to corporatise the business without losing the flair, creativity and innovation that has made the brand what it is today.”
Fahour will wind down his other client commitments and from 2024 lead the 200-plus strong team across the group, which has offices across Australia.
Fahour said, “It was important in this next chapter of my career to work in the private sector with a business and people who have drive, ambition, creativity and a strong sense of commerciality. Tim brings all of this and more.
“There are three major structural factors driving the Australian economy at the moment that Gurner Group is poised to capitalise on more so than any other business in the country, being the significant undersupply of housing, our ageing population, and the opportunistic superannuation capital that is searching for deployable investments.
“The true value of Gurner Group lies in evolving a platform to deliver tangible solutions to those structural opportunities. Gurner is an alternative Asset Manager with significant growth opportunities.”
