News: Mirvac sells 50% stake in Riverside Quay

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Mirvac Group (ASX:MGR) has inked a deal to sell a 50 per cent stake in its office development at 2 Riverside Quay in Melbourne for $106 million.

 

The real estate developer will divest the interest to one of Australia's largest unlisted property fund managers nalled ISPT. 

 

Under the deal co-owner ISPT is poised to fund 50 per cent of the total development costs throughout the construction. 

 

Mirvac will provide a five-year rental guarantee on any unlet office and retail space from the date of practical completion.

 

The company will also provide development and property management services for the asset which is expected to be complete in FY17.

 

Mirvac Group reported a net profit of $447 million in the 2014 financial year.