Mirvac announces strong results for newly transitioned Mirvac Wholesale Office Fund

3 November 2022

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).

MWOF delivered a net total return of 16.3% in the 12 months to 30 September 2022, 500bps higher than the average of all wholesale office funds over the period, and one percent higher over five years1 .

In July this year, the investors in the fund (formerly AMP Wholesale Office Fund, or AWOF) voted on a change in Trustee from AMP Capital to Mirvac. On 1 October 2022, the successful transition of the Fund to Mirvac was completed, including the move of more than 50 team members to Mirvac to continue their work on the Fund.

MWOF is comprised of 11 prime grade assets concentrated in the Sydney and Melbourne markets. The portfolio is underpinned by high quality modern precincts such as Quay Quarter Sydney, along with iconic assets such as Collins Place, Melbourne, and features a WALE of 5.5 Years and NABERS Energy Rating of 5.3 Stars2 .

Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, said the Mirvac team is genuinely humbled and excited by the opportunity to continue to deliver strong performance for unitholders.

“The team behind MWOF should be commended on these strong results, particularly through what has been a challenging time.

“The transition of the Fund has been very smooth, asset and fund management teams are in place, and we are pleased to offer MWOF unitholders reduced fees, a standalone trustee with a majority independent board and access to Mirvac’s market-leading, integrated asset creation and curation capabilities and platform including our $9.2bn3 office and mixed use development pipeline.

“MWOF’s modern, high-quality portfolio, recently enhanced by the completion of Quay Quarter Tower, Sydney is strongly aligned with Mirvac’s investment strategy and existing portfolio. We look forward to working with unitholders to continue to enhance the performance of MWOF over time.”

1.MSCI/Mercer Australia Core Wholesale Monthly PFI Period Ending September 2022
2. AWOF Quarterly Report for 31 March 2022.
3. As at 31 December 2021