Mirvac Launches Share Issue to Buy Offices from GE Real Estate
May 09 2013 - 7:21PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Mirvac Group (MGR.AU) Friday launched a 400 million
Australian dollar (US$403 million) share issue to help fund the
acquisition of seven office properties from GE Real Estate
Investments Australia.
Mirvac will acquire the assets from GE for A$584 million,
underscoring a strategic shift for the Sydney-based property group
as it seeks to grow its commercial portfolio through the
acquisition and redevelopment of high-grade city real estate.
The equity raising was announced at a price of A$1.69 per
security, a 3.2% discount to Mirvac's last closing price of A$1.745
per security, it said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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