MARKETS SPECTATOR: Mirvac plays monopoly

Mirvac's capital raising comes as the S&P/ASX 200 property index continues to outperform the benchmark.

Macquarie Group will manage a share sale to institutional investors that is expected to raise $400 million by this afternoon for Mirvac Group to buy seven offices from GE Real Estate Investment Australia for $584 million.

The shares will be sold at $1.69, a 3.2 per cent discount to Mirvac’s $1.745 share price at the close of trading on May 9. Mirvac plans to sell as much as $50 million of stock to individual investors from May 24 to June 17 at $1.69 a share.

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