News: Mirvac Group completes $165M sale in WA

.

Mirvac Group (ASX:MGR) has completed the sale of its 50 per cent stake in Treasury Office Tower in Western Australia for $165 million.  

The property investor has sold its interest in a commercial office tower which is part of the redevelopment of Treasury Office Tower to Singapore’s Keppel REIT. 

Mirvac announced the proposed divestment in September 2012 and says the transaction demonstrates its commitment to Perth. 

Mirvac believes Perth’s CBD market has a limited pipeline of future supply with potential underpinned by the state’s resources driven economy. 

Mirvac Group’s net profit slumped 69 per cent to $55.2 million in the first half of the 2013 financial year.