Mirvac Group Enhanced ownership in two Sydney retail assets
Enhanced ownership in two Sydney retail assets: Mirvac Group (ASX: MGR) enhanced their ownership in East Village in Zetland, Sydney, NSW and made an agreement to acquire the proposed South Village Shopping Centre in Kirrawee, Sydney, NSW from PAYCE Consolidated. The group acquired a 50.1% interest in East Village for $155.3 million, and now has entire ownership on this asset. They are also acquiring the remaining interest in the proposed South Village Shopping Centre. The group intends to leverage the East Village potential which is delivering a sales productivity of $14,950 per square metre after less than three years of trade, and ranking No.1 in the Shopping Centre News’ Little Guns Awards in its first year of entry. This asset’s moving annual turnover is also growing strongly at over 8% per annum. MGR had also entered into an agreement with Suntec REIT for the sale of a 50% interest in its Olderfleet, 477 Collins Street office development in Melbourne. The group in its full year FY17 results indicated for 13% rise in statutory profit and declared distributions at the top end of guidance. The group expects FY18 to be another successful year.
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