Mirvac buys up property assets
Mirvac Group will make a $1.124 billion acquisition of properties and businesses from Walker Corporation.
Mirvac will contribute $739.4 million to the deal, with JF Meridian Trust, a listed trust managed by the property group, acquiring one asset for $70.7 million and Perron Investments jointly acquiring interests with Mirvac in two retail assets for $314 million.
The acquisition includes $362.5 million of investment assets including a 50 per cent interest in two Sydney-based retail centres and a large retail centre being constructed on the New South Wales Central Coast.
It also comprises $530 million of non-residential development projects including two sub-regional shopping centre sites in southeast Queensland, an office site in Rhodes and an industrial retail project in Greenacre, west of Sydney.
Around 1,400 medium density residential lots with a total project value of $950 million in Rhodes, New South Wales, Kew, Victoria and Hope Island, Queensland, are also part of the deal, along with $146.8 million worth of property related businesses with the potential for a future industrial park and leisure assets.
Mirvac managing director Greg Paramor said: “The portfolio has strong alignment to Mirvac’s existing assets and projects, as well as providing greater geographical and sector diversity across the investment and development divisions.”
It is expected that the acquisition will be ‘earnings neutral’ during the 2007 financial year, but will begin producing returns during the 2008 financial year.
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