News: Mirvac to buy $584M portfolio

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Mirvac Group (ASX:MGR) says it will pay $584 million for seven office properties across Australia.

 

The property group has agreed to buy 90 Collins Street in Melbourne and Allendale Square in Perth from GE Real Estate Investment Australia.

 

It will also buy five Sydney CBD properties with redevelopment opportunities, also from GE.

 

Mirvac says the move is in line with its focus on office properties, through either acquisitions or developments.

 

Mirvac is issuing $400 million worth of new securities to institutional investors to pay for most of the deal.

 

Its shares have been placed in a trading halt while the capital raising is conducted.

 

Mirvac generated a net profit of $55.2 million for the first half of the current financial year.