Property business Mirvac Group (ASX: MGR) has announced a $333 million acquisition, fresh from raising money in a capital raising.
Mirvac is a leading Australian property group with approximately $21 billion of assets under management. Operations include both commercial and residential projects, primarily based in Sydney and Melbourne, but also include Brisbane and Perth developments. Mirvac now has 47 years of experience since their establishment in 1972.
What Mirvac Announced
Mirvac revealed that it has entered into a binding agreement with developer PDG to acquire 490 completed build-to-rent apartments in the Munro development within the Queen Victoria Markets for $333.50 million. The agreement is subject to conditions such as planning & redesign.
The expansion into Melbourne follows the construction of Mirvac’s first purpose-built build-to-rent asset in Australia, at Mirvac’s Pavilions project Sydney Olympic Park in NSW.
Mirvac CEO and Managing Director Susan Lloyd-Hurwitz said: “Build-to-rent is one of the largest real estate asset classes in the world and entering into this asset class makes good business sense for Mirvac. It will deliver a secure and valuable revenue stream as well as presenting us with a new and growing customer base.”
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