News: Mirvac to buy three properties

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Mirvac Group (ASX:MGR) is looking to acquire a trio of key property assets for a total cost of $552 million.

 

The property group says it will acquire two Melbourne office assets - 367 Collins Street for $228 million and 477 Collins Street for $72 million - as well as the Harbourside Shopping Centre in Sydney for $252 million.

 

Mirvac says the acquisitions are fully debt funded with pro forma gearing of 27.7 per cent, within the target gearing range.

 

The group predicts the purchases will be earnings accretive in fiscal 2014.

 

Mirvac chief executive officer Susan Lloyd-Hurwitz says the acquisitions are in line with its strategy to hold income producing, CBD office assets.

 

Mirvac delivered a net profit of $139.9 million in fiscal 2013.