Duncan McDonald

Senior finance executive with extensive experience across listed REITs, fund managers and government. Broad capability across commercial, operational and statutory finance, with a strong record of supporting investment decisions, improving financial processes and providing clear advice to executives and boards. Deep property and development sector experience, strengthened by completion of a Master of Property Development with a High Distinction average.

Experienced in coaching and developing high performing teams and building cultures based on accountability, collaboration and continuous improvement.

Defined Engagement: Property Fund Strategy and Modelling consultant at Australian Unity (2026-01 – 2026-06)

Engaged by the General Manager of the Healthcare Property Trust for a defined six month engagement while completing the final stage of Master of Property Development. The engagement involved designing and building a new integrated fund model for the $3 billion fund. The model was developed for ongoing use by Australian Unity's fund analysts in its Melbourne head office and to support detailed analysis by external investment banks and other stakeholders.

• Personally designed and built the fund model from first principles, translating complex property, financing, ownership and investor structures into a fully integrated forecasting and scenario analysis tool now used by Australian Unity's fund analysts in Melbourne.
• Built comprehensive scenario functionality to assess potential changes to the fund structure, including the sale of individual properties or interests in underlying trusts, changes in ownership percentages, transitions from consolidated to equity accounted investments, non-controlling interests, unit movements and the resulting impact on property and fund level KPIs.
• Developed detailed debt and liquidity functionality across the fund's Westpac and HSBC revolving facilities, enabling analysis of alternative drawdown and repayment strategies, interest costs, covenant outcomes, funding requirements and the impact of interest rate swaps under different operating and transaction scenarios.
• Worked closely with the Melbourne based fund analyst team throughout the project, building a strong working relationship and ensuring the model was practical, understood by users and capable of being maintained and developed following completion of the engagement.

Development Senior Finance Manager at Centuria (2023-07 – 2025-03)

Recruited to build and professionalise the development finance function and strengthen financial governance, reporting and analytical capability across a large and diverse development pipeline. Partnered with Development Directors, Fund Managers and executive leadership to strengthen feasibility integrity, commercial evaluation, investment decision support and financial controls. Led a team of five across New Zealand, Western Australia and Manila and drove improvements to financial processes, systems and modelling to support scalable and reliable project and portfolio reporting.

• Led a finance transformation program that strengthened feasibility quality and financial governance. Designed and delivered an 18-month finance transformation initiative that improved the accuracy, consistency and commercial integrity of development feasibilities, IRR assessments and fee models. Introduced clearer modelling standards, stronger financial controls and structured fortnightly alignment meetings between Development, Finance and the Centuria funds, creating a more integrated and accountable approach to decision making. Rejuvenated the finance team with an 18 month improvement plan including process redesign, coaching and internal promotions.
• Supported investment and capital allocation decisions across a major development pipeline. Partnered with the listed Industrial Fund (ASX: CIP) to identify and assess a five-year $1 billion development pipeline that resulted from promoting a balanced longer term evaluation approach. This included incorporating broader value drivers such as life-cycle cost savings in capex and maintenance, and income uplift opportunities from future tenant mix and asset repositioning.
• Improved executive decision support and financial insight. Delivered monthly Development performance presentations directly to the CEO / CFO summarising Project performance, risks, financial outcomes and pipeline considerations. Provided commercial deal support by conducting financial due diligence on acquisitions and divestments of Development assets.
• Improved project delivery and revenue outcomes. Delivered $500m of Healthcare, Office and Industrial developments in FY24, including two highly complex Healthcare developments, one actively in litigation and the other requiring intensive commercial oversight to achieve an accretive outcome. Optimised $10m annual Development fee revenues across Australian and New Zealand listed (3) and 30+ unlisted funds through improved controls, reconciliations and methodology refinement.
• Strengthened funding analysis, capital and tax structuring. Worked closely with the Treasurer to evaluate and model senior and mezzanine debt options for development projects, assessing interest impacts, covenant positions and return outcomes to support funding decisions. Partnered with the Head of Tax and external advisors to optimise tax positions for development entities, improving accuracy, reducing exposure and strengthening compliance across multiple funds and jurisdictions.
• Key role in establishing a Procurement function at Centuria. Involved analysing spend across funds, asset classes and portfolios to identify opportunities for supplier consolidation.

Development Senior Finance Manager, Retail at Mirvac (2020-05 – 2023-06)

Deputy CFO - Royal Botanic Gardens & Domain Trust at RBGDT (2017-12 – 2020-01)

Property litigation (coordinated legal and consultant process) at Personal (2017-01 – 2017-11)

Development Senior Finance Manager, Commercial Property at Stockland (2014-05 – 2016-12)

Development Finance Manager, Commercial Property at Stockland (2011-09 – 2014-05)

National Finance Manager, Retirement Living at Stockland (2010-04 – 2011-09)

Senior Analyst, Planning budgeting and analysis at Stockland (2009-07 – 2010-03)

Analyst, Planning budgeting and analysis at Stockland (2008-04 – 2009-06)

Manager (Transaction Support) at Ernst & Young (London) (2006-12 – 2007-12)

Manager (Technology, Communications and Entertainment division) at Ernst & Young (London) (2006-01 – 2006-11)

Graduate to Senior Accountant (Technology, Communications and Entertainment division) at Ernst & Young (Sydney) (2002-02 – 2005-12)

Masters of Property Development – UTS (2025-04 – 2026-07)

Chartered Accountant (CA) – Institute of Chartered Accountants Australia (ICAA) (2004)

Bachelor of Commerce in Accounting and Marketing – University of Sydney (2001)