Mirvac purchase was deal of the year

17 August 2007

The NSW Urban Taskforce has dubbed Mirvac Groups $1.1 billion real estate acquisition from Walker Corporation as ˜Deal of the Year.

This transaction provided Mirvac with an excellent opportunity to integrate a range of high quality investment and development assets into Mirvacs current business, Mr Gadiel said.

The portfolio had a strong alignment to Mirvacs existing assets and projects, but also provided greater geographical and sector diversity.

The acquisition enhanced Mirvacs development pipeline in the eastern states.

Key details of the assets acquired by Mirvac included: ¢ $362.5 million of investment assets including a 50 per cent interest in two leading retail centres in Sydney Broadway and Rhodes, and a large format retail centre under construction at Lake Haven on the NSW Central Coast.

• $530 million of non-residential development projects with an acquisition value of $118.5 million, comprising two sub-regional shopping centre sites in southeast Queensland, an office site in Rhodes, and an industrial / large format retail project at Greenacre, NSW.

• Approximately 1,400 medium density and land subdivision residential lots with an acquisition price of $111.6 million and total project value of $950 million, comprising approximately 840 apartment lots at Rhodes Waterside, NSW, approximately 300 housing and medium density lots in Kew, Victoria (stage two onwards, subject to government approval), and some 260 villas at Hope Island, Queensland.

• $146.8 million of property related businesses, land with the potential for a future industrial park and leisure assets.

The NSW Urban Taskforce is a property development industry group, representing NSWs most prominent and important developers, builders and property financiers. The NSW development industrys annual turnover is $35 billion and employs 180,000 people, accounting for six percent of the States total employment. It is the fifth largest contributor to the State economy.