Mirvac

Mirvac has established a strategic relationship with Japanese Real Estate company, Daibiru, which is investing in a 50 per cent share of Mirvac’s next generation workplace development, 7 Spencer Street.

Mirvac Group released an operational update for the third quarter ended 31 March 2023 this week, announcing an earnings downgrade as slowing sales eat into margins.

Mirvac has turned the first sod of its newest masterplanned community in New South Wales, located adjacent to the historic township of Cobbitty in Camden. With an estimated completion value of $648 million, Cobbitty by Mirvac will deliver a new all electric community of 900 homes and create more than 4,000 local jobs during construction.

Revelop has expanded its retail portfolio after acquiring a 100% stake in Stanhope Village, as investor demand for sub regional centres remain elevated.

Despite challenging market conditions, Mirvac delivered an operating profit of $305m, up 3% on 1H22 and representing 7.7 cents per stapled security (cpss). The result was primarily driven by growth in the Integrated Investment Portfolio (IIP).

Next DC has settled on the acquisition of a 22,540sqm parcel of land for its 3rd Macquarie Park Data Centre.

Mirvac Constructions has become the first business in Australia to be awarded the highest possible 5 Gold Star iCIRT rating, issued by regulated ratings agency Equifax*, a global data, analytics and technology company

A year since the company reached net positive in its scope 1 and 2 carbon emissions, Mirvac today announced its plans to achieve net positive in the challenging area of scope 3 emissions by 2030.

Mirvac together with the Easts Group today marked a significant milestone at The Langlee, a lifestyle-focused, amenity-rich development for those aged over-55, set to welcome its first residents in 2023. The project, with an estimated completion value of ~$164m, marks Mirvac’s return to Sydney’s eastern suburbs, following the successful completion of The Moreton in Bondi in 2017.

Mirvac’s newly transitioned Mirvac Wholesale Office Fund (MWOF) has achieved strong results for unitholders, leading the peer set on a one, three and five year basis (according to MSCI and ANREV wholesale fund indexes).

Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, said, “We have had an active start to FY23, integrating the $8.0bn AMP Wholesale Office Fund, successfully launching the first of six planned apartment launches in FY23 at Isle Waterfront Newstead, Brisbane, with ~40% pre-sales achieved, and making strong initial progress on our $1.3bn asset sales program, with the exchange for sale of both Allendale Square, Perth and 189 Grey Street, Brisbane.

Mirvac’s sustainability strategy - THIS CHANGES EVERYTHING – is focused on transparent governance, as part of our commitment to being a trusted asset owner and developer.

Mirvac has announced that it has entered into a 50 per cent joint venture with leading Thai real estate development company, Supalai, to deliver future stages at its masterplanned communities project, Smiths Lane in Melbourne.

Mirvac Group released its full-year result for the financial year ended 30 June 2022, delivering a strong result ahead of guidance, with a statutory profit of $906m and operating profit of $596m, representing 15.1 cents per stapled security (cpss), up 8% on prior year.

The investors in the AMP Capital Wholesale Office Fund (AWOF) have today voted to appoint Mirvac as their new trustee and Fund Manager in a blow to both AMP and Dexus.