Mirvac sells stake in 2 Sydney-based assets for $245m
Mirvac has sold the offices at 60 Margaret Street and the MetCentre in Sydney to Ashe Morgan and MEC Global Partners Asia for A$388.6 million ($246 million, on a 50 percent basis).
“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,” said Campbell Hanan, Mirvac’s Group CEO and managing director. “Retaining balance-sheet flexibility will also ensure we are well positioned to take advantage of future opportunities when they arise.”
Mirvac co-owns 60 Margaret Street and MetCentre with Blackstone. 60 Margaret Street is a 39-level, class-A office tower, comprising more than 40,000 square meters (430,566 square feet) of net lettable area (