Mirvac purchases land lease operator for $642m from GIC
Mirvac Group has plans to purchase one of Australia’s leading land lease operators, Serenitas, in partnership with Pacific Equity Partners Secure Assets and Tasman Capital Partners for A$1.01 billion ($642.76 million).
Reuters reported the seller was Singapore's sovereign wealth fund GIC.
The structure will be a joint venture in which Mirvac and PEP hold 47.5 percent ownership each, with the remaining minority interest held by Tasman, an existing co-owner.
Serenitas’ portfolio comprises 27 communities with more than 6,200 sites, including more than 4,200 occupied and around 2,000 sites to be developed, 98 percent of which are development approved. As part of the transaction, the 100-plus Serenitas team, led by Serenitas CEO Rob Nichols, will continue to manage the 27 communities and provide sector leading expertise.
“There is certainly a growing awareness of modern land lease communities across Australia and the benefits available to customers, whic