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Mirvac Group (ASX:MGR) will gain up to $170 million from selling half of its stake in a commercial property in New South Wales to a Singapore-based property company.
Mirvac says, depending on committed rental rates, it will gain between $154.4 million and $169.8 million for the sale of 8 Chifley Square in Sydney’s central business district.
K-REIT Asia Management Ltd has purchased the stake and agreed to fund 50 per cent on the development costs of the building, currently under construction and scheduled for completion in 2013.
Mirvac says it has provided a five-year rental guarantee.
The transaction is still subject to approval from the Foreign Investment Review Board.
In the first half of its 2011 financial year, Mirvac Group booked a net loss of $12.4 million.
News: Mirvac sells 50% stake in a Sydney property
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Last
$2.20 |
Change
0.085(4.03%) |
Mkt cap ! $8.996B | |||
| Open | High | Low | Value | Volume |
| $2.14 | $2.21 | $2.12 | $11.60M | 5.328M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 30 | 95426 | $2.19 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.20 | 230226 | 49 |
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| MGR (ASX) Chart |
