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Mirvac Group (ASX:MGR) is selling half its stake in the land and development of 200 George St, Sydney, to AMP Capital Wholesale Office Fund.
Mirvac says the 50 per cent interest of the completed development would be about $317 million.
AWOF will fund 50 per cent of the development costs and development fees during the construction phase, while Mirvac will provide AWOF with an average 4.6-year income guarantee over any vacant space, which is currently 26 per cent.
On completion, the co-owners will appoint Mirvac Asset Management as property manager, under the deal.
The George Street property will include a 37-storey, premium grade commercial office tower.
Mirvac generated a net profit of $55.2 million for the first half of the 2013 financial year.
News: Mirvac sells 50% stake in property
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$2.11 |
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Mkt cap ! $8.996B | |||
| Open | High | Low | Value | Volume |
| $2.13 | $2.14 | $2.11 | $14.78M | 6.980M |
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| 3 | 64140 | $2.11 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.12 | 67690 | 6 |
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