Mirvac Group buys Australian portfolio in Altis deal
Mirvac Property Trust is under contract to buy five industrial properties in Australia. The sales price was A$224.1 million ($196 million), increasing Mirvac’s industrial portfolio to A$629.7 million ($550 million).
The seller was Altis Real Estate Equity Partnership Fund No. 1, managed by Altis Property Partners.
“This acquisition enhances our operating leverage in the industrial sector, and increases our Mirvac Property Trust portfolio’s industrial exposure to 9 percent, from 6 per cent at 30 June 2014,” said Susan Lloyd-Hurwitz, CEO and managing director of Mirvac,in a statement. “The acquisition offers an initial yield of 7 percent and is expected to deliver an IRR within our stated investment return target, and provides Mirvac with secure income over the long-term, as well as an opportunity to unlock future value via