Brief life for Dyer at Mirvac
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.
Frequently Asked Questions about this Article…
Greg Dyer, who joined Mirvac in September 2012 after working at Mulpha, resigned as Mirvac’s finance director after eight months in the role. Mirvac announced he would leave the board immediately but remain in an executive capacity to assist transitional arrangements until September 2013.
Analysts cited in the article say Dyer’s departure could make it harder for Mirvac to pursue mergers and acquisitions, including any potential approach toward Australand, because loss of a senior finance executive can complicate deal planning and execution.
The article says it has been suggested Mirvac was looking at making an offer for Australand, but analysts expect rival GPT may relaunch an offer, possibly with a joint‑venture partner to buy the residential assets.
Mirvac is conducting a strategic review covering all its activities and business units with results due on May 8. The review is reported to be likely to propose the creation of a new $1 billion 'club fund' — wholesale funds targeted at higher net‑worth investors — among other initiatives.
Yes. Although Dyer resigned from the Mirvac board immediately, the company said he intended to remain in an executive capacity to assist with transitional arrangements until September 2013.
The article reports Mirvac as a front runner to buy key GE Capital assets, specifically citing the 210–220 George Street, Sydney building next to Mirvac’s 200 George Street redevelopment.
The Hong Kong‑based Pacific Alliance Group is reported to be close to buying four GE Capital assets in Sydney, including 60 Carrington Street and 99 Walker Street. Blackstone Group is said to still be considering other parts of the portfolio, including the Schweppes asset on St Kilda Road in Melbourne.
Investors should watch Mirvac’s strategic review outcome due May 8 for plans such as the proposed $1 billion club fund, updates on potential M&A activity (including any moves on Australand or GE Capital assets), and management transition updates like Dyer’s handover timeline, all of which could influence Mirvac’s strategic direction.
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