Mirvac acquires boutique funds manager
Mirvac Group has announced plans to acquire the remaining 50 per cent stake in boutique property funds manager Domaine Property Funds.
Mirvac acquired the initial 50 per cent of Domaine in August 2004, and has now exercised the option to purchase the remaining amount.
Mirvac managing director Greg Paramor said he was very pleased with the deal and expects the acquisition to further enhance the group’s expanding funds management platform.
“We will continue to build our portfolio of assets, both through further acquisitions and organic growth opportunities,” he said.
“Domaine has a well established distribution network and their expertise in unlisted trusts combined with Mirvac’s proficiency in managing listed and unlisted vehicles provides an even stronger, more diversified property investment to Mirvac and Domaine’s security holders and investors.”
Domaine currently holds $750 million in assets under management across five unlisted property trusts. As of June 30 Mirvac had $13.3 billion in funds under management.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
