Search
Cedar Pacific

Investing in the places people call home

Cedar Pacific is a specialist investment manager focused exclusively on the living sector across Australia and New Zealand.

Who we are

A specialist living sector investment manager and developer.

Cedar Pacific is a specialist living sector investment manager and developer operating across Australia and New Zealand. We match institutional capital with high-quality investments in PBSA, Build-to-Rent and Co-Living, managing the full lifecycle from investment strategy through to asset delivery and capital return.

Over the past decade we’ve delivered purpose-built rental accommodation now home to more than 10,000 residents - a track record grounded in disciplined execution and deep operational expertise. We target assets with structural demographic tailwinds - international student growth, urbanisation, and the long-term shift toward renting - where demand is resilient and the fundamentals support stable, long-term value.

Built to serve institutional capital with discipline, transparency, and execution certainty, we exist to honour the fiduciary responsibility our investors entrust to us - delivering on the promise of performance, protection, and purpose.

Our journey →
01
Sector Focus

Dedicated to the living sector

We invest exclusively in residential living - PBSA, Build-to-Rent and Co-Living - giving us unmatched depth of knowledge, operator relationships and market intelligence in the sector.

02
Operational Expertise

Active, hands-on management

From development through to operations, our team is deeply involved at every stage of an asset's life cycle - driving occupancy, resident outcomes and long-term value creation.

03
Institutional Capital

Trusted by global investors

We have established and managed multiple funds backed by leading global institutional investors, delivering disciplined investment management and strong risk-adjusted returns.

Our history

The Cedar Pacific journey

2015
Foundation

Cedar Pacific founded with the launch of its first fund - a dedicated PBSA off-campus fund raising A$350m in equity.

2016
Deployment

Fund 1 deployment on track with 4 PBSA assets acquired across 3 markets totalling 1,955 beds.

2017
Scale

Committed Fund 1 with over 2,400 beds in operation and a further 3,000 under development.

2018
Fund 2

Finalised Fund 2, raising over A$500m in equity from European investors.

2019
Growth

Committed over 50% of Fund 2 with the acquisition of a Sydney asset.

2021
Multifamily

Entered the multifamily process with Queensland State Govt in Brisbane to deliver 475 BTR apartments. Fund 3 launched with 3 seed on-campus PBSA assets totalling 1,551 beds in Canterbury, New Zealand.

2022
Expansion

Committed over 85% of Fund 2 with the acquisition of Adelaide asset, taking total beds to 3,180. Expansion into multifamily with two assets in development.

2023
Returns & BTR

Exited Fund 1 minority partners delivering a 14.7% gross IRR against a target return of 13–15% IRR. BTR fund-raise process kick-off.

2024
ESG & BTR

Ranked #1 ESG manager for Real Estate among 145 peers in the GRESB benchmark. BTR Fund raised and first asset committed in Brisbane.

2025
PBSA

UniLodge Auckland Central - our 758-bed tower on Lorne Street - reached practical completion in September 2025, welcoming its first students in January 2026.

2026
Today

50 Quay Street topped out and is on track for completion in 2026. Cedar Pacific continues to grow its living sector platform across PBSA, BTR and Co-Living - actively managing assets across Australia and New Zealand with a focus on sustainability and resident outcomes.

Drag or use Next to explore
How we invest

Long-term, sector-focused, operationally active

Our Approach

We invest exclusively in the living sector - purpose-built student accommodation, build-to-rent and co-living - building unmatched depth across the demographics that drive demand and the operations that shape resident experience and asset performance.

We stay operationally active across the full investment lifecycle: originating and acquiring, partnering with leading developers and builders to deliver new supply, and working hand-in-hand with best-in-class operators to manage assets for the long term.

Our Strategy

We target assets with structural demographic tailwinds - international student growth, urbanisation, and the rise of renting as a lifestyle choice - across Australia and New Zealand's most connected, supply-constrained markets.

Backed by global institutional investors across multiple funds, we pair disciplined capital management with embedded responsible-investment principles - recognised sustainability ratings, affordable and well-located homes, and a focus on resident outcomes - aiming to deliver strong risk-adjusted returns through market cycles.

Meet the team

Led by specialists in the living sector

Our team combines deep experience across real estate investment, asset management, development, and capital markets. A focused team with a single mandate - the living sector.

Bernie Armstrong
Chief Executive Officer
Bernie Armstrong

Bernie founded Cedar Pacific in 2015 together with Pamoja Capital and has served as the CEO since then. By focusing on creating long-term value for investors through bespoke partnerships, Bernie is dedicated to leading Cedar Pacific as one of the region’s top Living Sector managers. Bernie is passionate about creating positive investment opportunities whilst ensuring that social and environmental factors are considered.

He holds a bachelor of architecture degree from Syracuse University and an MBA in finance and marketing from Northwestern University and sits on the advisory board of Syracuse University’s School of Architecture.

Prior to joining Pamoja Capital, Bernie was a managing director with Credit Suisse where he headed the family office business in Europe and the Middle East. He has built investment advisory and trading businesses in Europe for Chase Manhattan Bank and HSBC and has also worked at Goldman Sachs.

Prior to embarking on a career in finance, Bernie worked as an architect for Skidmore, Owings and Merrill in New York. Projects where he took a management role include the headquarters for Merrill Lynch at the World Financial Center, the headquarters for Salomon Brothers at the WTC and a series of housing-for-the-homeless projects for New York City.

Mark de Medici
Chief Financial Officer
Mark de Medici

Mark joined Cedar Pacific in 2020 as Chief Financial Officer, a role created to strengthen the firm's financial leadership as it scaled its living sector platform across Australia and New Zealand. As a member of the executive committee, he oversees the finance function and contributes to firm-wide strategy, with a particular focus on fund structuring, capital markets and investor relations.

Mark holds a Bachelor of Economics from the University of Queensland, a Master of Professional Accounting from the University of Southern Queensland, and a Graduate Diploma in Applied Finance and Investment from the Securities Institute of Australia. He is a Fellow of the Financial Services Institute of Australasia, a Member of CPA Australia, and a Graduate of the Australian Institute of Company Directors.

Prior to Cedar Pacific, Mark was a Principal at QIC, where he was involved in transactions, capital raising, investor liaison and asset management across the firm's real estate platform. Before that, he held senior roles at PwC, ANZ, Westpac and Babcock & Brown, and served as CFO for Bilfinger Berger in Vancouver.

David Hill
Chief Investment Officer
David Hill

David joined Cedar Pacific in 2023 as Chief Investment Officer where he is responsible for new funds, investment performance and investor relations, as well as setting strategy as part of the company’s Executive Committee.

David holds a Bachelor of Commerce (Finance & Economics), a Graduate Diploma of Property Valuation and a Master of Property each from the University of Melbourne. David is a Graduate of the Australian Institute of Company Directors and formerly a Certified Practising Valuer of the Australian Property Institute.

Prior to joining Cedar Pacific, David had 12 years in commercial real estate capital markets, valuations and advisory, previously holding the role of Senior Director of Alternative Investments at JLL where he led the Living Sectors capital markets team for Australia and New Zealand, advising on over $4bn of living sector transactions.

Christine O'Hara
Head of Asset Management
Christine O'Hara

Christine joined Cedar Pacific in early 2025 and leads the Asset Management team across the group's portfolio, which includes Purpose Built Student Accommodation and Build to Rent assets. She is also responsible for ESG performance across the portfolio, including sustainability ratings and broader performance outcomes. Her focus is on operational performance, tenant experience, and long term value creation. She brings deep expertise in asset strategy, leasing, and property management, and plays a key role in driving performance and aligning outcomes with investor objectives.

Christine holds a Bachelor of Business (Accounting) from Queensland University of Technology and a Bachelor of Economics from the University of Queensland. She was previously a member of the Institute of Chartered Accountants in Australia.

Before joining Cedar Pacific, Christine held senior roles across several commercial property sectors, including more than six years leading the Brisbane office for Investa Property Group.

Shauny Bult
Director of Capital
Shauny Bult

Shauny has recently joined Cedar Pacific as the Director of Capital, responsible for investor relations and capital raising.

She holds a Bachelor of Science (Built Environment and Real Estate) with Honours from Avans University Tilburg, the Netherlands.

Shauny was previously at CBRE, in both London and Sydney, as a Director in the Living Capital Markets team, where she led institutional grade PBSA and BTR transactions totalling nearly $10bn across the UK and Australia. Prior to CBRE, she worked in debt advisory and residential asset management in the Netherlands and the UK.

Shauny is fluent in Dutch and English.

1 / 6