Mirvac CEO & Managing Director, Susan Lloyd-Hurwitz announced that the valuation of its portfolio has dropped by -$306m or -2.8%, with its Shopping Centre assets dropping -10%.
Susan Lloyd-Hurwitz said, “COVID-19 has transformed the world in the space of a few short months. No sector has been untouched by the health and economic crises that have developed. These are unprecedented times and Mirvac is taking necessary measures to address these challenges including appropriate capital management. Mirvac’s purpose and unique asset creation capability positions the group to capture opportunities and generate value throughout the recovery process and beyond.”
The preliminary valuations for 30 June 2020 across 63 assets are split as follows;
Office +$23m +0.4%
Industrial +$13m +1.4%
Retail -$349m -9.9%
The drop in retail values is consistent with results from Vicinity and other managers with Shopping Centre exposures.
Mirvac also announced its distribution for the year ending 30 June 2020 will be 9.1 cents per stapled security down -25% from February's guidance of 12.2 cents per security.
Mirvac will release its financial results on Thursday, 20 August 2020 at which time it will provide a comprehensive review of FY20 performance.
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