Mirvac buys Harbourside for $250m
The purchases will be completed with financial partners, particularly in Melbourne, where Mirvac has not previously had a large exposure.
Some redevelopment opportunities will arise, giving the group the chance to link tenants and operations with its existing buildings.
Mirvac has been very active in the commercial property market this year. It has bought a portfolio of office towers in Sydney, including 200 George Street, which is being redeveloped.
Under Thursday's deal, Mirvac will pay $250 million for Harbourside, $227 million for 367 Collins Street and $72 million for 477 Collins Street, Melbourne.
Chief executive Susan Lloyd-Hurwitz said the new assets would deliver attractive returns in excess of the group's stated targets and would be debt-funded.
"These acquisitions are in line with our strategy to hold income-producing CBD office assets that provide us with repositioning and development opportunities," she said.
The Harbourside centre would give Mirvac a greater share of the Sydney retail sector, with some "repositioning" opportunities.
Frequently Asked Questions about this Article…
Mirvac recently acquired the Harbourside shopping centre in Darling Harbour for $250 million as part of a series of purchases along the eastern seaboard.
Mirvac recently acquired the Harbourside shopping centre in Darling Harbour for $250 million as part of a series of purchases along the eastern seaboard.
Mirvac's recent property acquisitions totaled $522 million, including the Harbourside shopping centre and properties on Collins Street in Melbourne.
Mirvac's recent property acquisitions, including Harbourside, 367 Collins Street, and 477 Collins Street, totaled $522 million.
Mirvac sees the Harbourside shopping centre as an opportunity to increase its share in the Sydney retail sector and explore repositioning opportunities.
Mirvac plans to explore redevelopment opportunities at the Harbourside shopping centre, aiming to link tenants and operations with its existing buildings.
Mirvac plans to leverage its new acquisitions for repositioning and development opportunities, aiming to hold income-producing CBD office assets.
Mirvac is expanding its presence in Melbourne, where it previously had limited exposure, to capitalize on new financial partnerships and redevelopment opportunities.
Mirvac is funding its recent acquisitions through debt, expecting the new assets to deliver attractive returns exceeding the group's stated targets.
Mirvac plans to fund its new acquisitions, including the Harbourside shopping centre, through debt financing.
In addition to the Harbourside shopping centre, Mirvac acquired properties at 367 Collins Street for $227 million and 477 Collins Street for $72 million in Melbourne.
Mirvac's strategy is to hold income-producing CBD office assets that offer repositioning and development opportunities, aligning with their long-term goals.
Mirvac's strategy is to hold income-producing CBD office assets that offer repositioning and development opportunities, aligning with their broader investment goals.
The acquisition of Harbourside will increase Mirvac's share in the Sydney retail sector and provide repositioning opportunities to enhance their portfolio.
Susan Lloyd-Hurwitz is the CEO of Mirvac, and she stated that the new assets would deliver attractive returns and align with the company's strategy for income-producing assets.
Susan Lloyd-Hurwitz is the CEO of Mirvac, and she stated that the new assets would deliver attractive returns exceeding the group's targets.
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