Brief life for Dyer at Mirvac
Mirvac's shake-up in its executive ranks continues with the surprise news that finance director Greg Dyer has resigned after only eight months in the position.
Analysts said the departure would make it that much harder for the group to undertake any merger and acquisitions, such as its speculated tilt at Australand.
Mr Dyer was previously employed at Mulpha and joined Mirvac in September 2012.
It has been suggested that the diversified property company was looking at making an offer for Australand. However, analysts are expecting that GPT will launch another offer for Australand with an agreement with a joint-venture partner to buy the residential assets.
On Friday Mirvac chief executive Susan Lloyd-Hurwitz said Mr Dyer would be resigning from the Mirvac board immediately, although he intended to remain in an "executive capacity to assist in transitional arrangements until September 2013".
Ms Lloyd-Hurwitz said Mr Dyer had played a key role in "assisting the group through the chief executive leadership transition and in pursuing a number of important initiatives".
His departure comes amid a strategic review of Mirvac's operations, with the results due out on May 8. The review will cover all the group's activities and business units and is likely to involve the creation of a new $1 billion "club fund", being wholesale funds for higher net-worth investors.
The group is also said to be a front runner to buy key assets in the GE Capital portfolio such as the 210-220 George Street, Sydney, building next to its 200 George Street redevelopment.
It is believed that the Hong Kong-based Pacific Alliance Group is close to buying four of the GE Capital assets in Sydney, including 60 Carrington Street and 99 Walker Street, among others. Blackstone Group is believed to be still looking at the rest of the portfolio, including the Schweppes asset in St Kilda Road, Melbourne.