Cliffbrook is a leading private Australian real estate investment manager. Based in Sydney, our team of industry leaders is comprised of real estate investment and structuring professionals with experience working with global investors and real estate sponsors.

Cliffbrook manages all aspects of the transaction process, including deal origination, negotiation of commercial terms, administration of due diligence and coordination of legal documentation. We continue to add value for investors beyond deal execution through our hands-on asset management.

Working closely with institutional real estate groups and operating partners, Cliffbrook brings innovation, industry knowledge, experience and network to provide bespoke solutions to capitalise on real estate opportunities across the capital structure.

Cliffbrook operates across two core businesses:

Real Estate Debt Financing
The Cliffbrook Real Estate Debt platform aims to provide best-in-class financing solutions for institutional commercial real estate groups in Australia. To date, Cliffbrook has originated over $2bn of commercial real estate loans.

Real Estate Investment
The Cliffbrook Real Estate Investment strategy is focused on identifying investment opportunities across all real estate asset classes that offer compelling risk / return propositions through active asset management.

The Cliffbrook Difference.

Relationship Focused

The key focus of our partnership is to build long term relationships founded on integrity, transparency and collaboration.

Experienced Team

Our team of commercial real estate professionals, with over 30 years of experience, brings an entrepreneurial, passionate and disciplined investment approach.

Innovative Capital Solutions

We leverage our extensive industry knowledge and experience to identify unique opportunities that create value for all stakeholders.

Execution with Precision

Our team has an unrivalled track record of delivering all aspects of commercial real estate transactions seamlessly and efficiently.

The Cliffbrook Team.

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Paul Heller

Partner

Paul founded Cliffbrook Capital in 2018 and is responsible for developing new commercial real estate products and investment strategies across the capital structure. Prior to founding Cliffbrook Capital, Paul was Managing Director and Head of Real Estate for Blackstone Australia.

Paul joined Blackstone’s London office in 2008 and relocated to Sydney in 2012 to set up Blackstone’s Australian real estate private equity business, including building a team of eight real estate professionals and a A$6 billion diversified real estate portfolio. Before joining Blackstone, Paul worked at Goldman Sachs in the Real Estate and Healthcare Groups based in London, Sydney, and New York, where he led the analysis and execution of merger transactions and equity and debt financing across the real estate and healthcare sectors. Paul holds a Bachelor of Arts (Biology / Economics) from Amherst College.

Paul Heller

Partner

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David Cockerell

Partner

David joined Cliffbrook Capital as Partner and Head of Real Estate Debt in 2019. He is responsible for developing the firm’s real estate debt investment strategies, including origination and management of real estate debt investments.

Prior to joining Cliffbrook Capital, he was Director, Global Credit Trading at Deutsche Bank based in Sydney, leading their commercial real estate financing business. While at Deutsche Bank, David led the underwriting and syndication of over A$4 billion worth of commercial real estate transactions. Prior to Deutsche Bank, David worked at both Macquarie Capital and Rothschild across real estate and infrastructure sectors. David holds a Bachelor of Commerce and Bachelor of Laws from the University of Queensland.

David Cockerell

Partner

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Angela Sfikas

Chief Financial Officer

Angela joined Cliffbrook Capital in February 2022 and is the Chief Financial Officer. She is responsible for all aspects of the Group’s finance operations including accounting, audit, tax and investor reporting. She is also responsible for the HR and IT functions of the Group.

Prior to joining Cliffbrook Capital, Angela was Manager Financial Planning at 151 Property, responsible for the financial fund models of Blackstone’s Australian real estate portfolio. While at 151 Property/Valad Property Group, Angela held various management roles in financial analysis, treasury, funds management and corporate financial due diligence. She began her career with PwC working in transaction services and financial services audit. Angela holds a Bachelor of Commerce from the University of New South Wales and is a member of the Chartered Accountants of Australia & New Zealand.

Angela Sfikas

Chief Financial Officer

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Tamsin Asquith

Principal – Real Estate Debt

Tamsin joined Cliffbrook Capital in July 2024 and is a Principal in the Real Estate Debt team, focusing on the origination of real estate debt investments in the Australian market.

Prior to Cliffbrook, Tamsin spent six years in Morgan Stanley’s secured lending group in London, where she was responsible for underwriting and executing transactions across a range of European real estate debt products. Prior to this, Tamsin began her career in the commercial real estate loan asset management team at Situs. Tamsin received a Bachelor of Science in Mathematics from Durham University in 2016.

Tamsin Asquith

Principal – Real Estate Debt

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Dominique McErlane

General Counsel

Dominique joined Cliffbrook Capital in February 2025 as General Counsel. She is responsible for overseeing the Group’s legal obligations and providing in-house advice on a range of legal matters within the business.

Prior to joining Cliffbrook Capital, Dominique was a Senior Associate at MinterEllison, as part of the Banking and Finance team. While at MinterEllison Dominique’s primary focus was on real estate financing including mixed use and residential construction projects and acquisition financing. She also has extensive experience in equity transactions and advising joint venture partners. Dominique started her career as a property lawyer specialising in renewable energy projects in Scotland before making the move to Sydney in 2019. Dominique holds an LLB (hons) from the University of Edinburgh and a postgraduate diploma from the University of Strathclyde. She was admitted as a lawyer in Scotland in 2014 and in New South Wales in 2022.

Dominique McErlane

General Counsel

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