ASSET SALES UPDATE

Mirvac has today announced that contracts for the sale of 60 Margaret Street and the MetCentre in Sydney are now exchanged¹, with settlement expected by the end of October 2023. The sale to Ashe Morgan and MEC Global Partners Asia for $388.6m (on a 50% basis) is in line with reported June 2023 book value.

Mirvac’s Group CEO & Managing Director, Campbell Hanan, said: “The sale of 60 Margaret Street and MetCentre forms part of our strategic asset sales program, helping to further strengthen our balance sheet and improve cash flow resilience of our investment portfolio in a challenging operating environment. Retaining balance sheet flexibility will also ensure we are well positioned to take advantage of future opportunities when they arise. 

“The sale is in line with our strategy to focus our exposure in the office sector to premium assets and grow our exposure to the living sectors and industrial over time.”   

Mirvac co-owns 60 Margaret Street and MetCentre with Blackstone. 60 Margaret Street is a 39-level, A-grade office tower, comprising over 40,000 square metres of net lettable area (NLA), centrally located in the Sydney CBD. The MetCentre comprises over 6,400 square metres of retail NLA, with shop frontages to George Street. The MetCentre, which is located at the base of 60 Margaret Street, connects the office tower to Wynyard Train Station and provides pedestrian access to George Street, Margaret Street and Jamison Street. 

367 Collins Street, Melbourne

As reported at Mirvac’s FY23 Results on 16 August 2023, Mirvac has exchanged contracts with a purchaser for the sale of 367 Collins Street, Melbourne with the contract conditional on capital. This contract remains on foot, and the Group continues to work with the purchaser as they focus on raising the required capital.

1. Subject to remaining landowner consent.