(Adds details on the deal throughout)
Oct 18 (Reuters) - Australian property developer Mirvac Group (MGR) said on Wednesday it would acquire land lease operator Serenitas, owned by Singapore's sovereign-wealth fund GIC, for A$1.01 billion ($642.76 million) in partnership with Pacific Equity Partners Secure Assets (PEP) and Tasman Capital Partners.
Serenitas, following the acquisition, will operate as a joint venture with Mirvac and PEP holding 47.5% ownership each, with the remaining stake held by Tasman Capital Partners.
"This acquisition expands our residential offering, propelling Mirvac to become one of the largest owners in the attractive land lease community sector," said Mirvac CEO Campbell Hanan.
Serenitas was founded in 2017 as a land lease community business.
Mirvac will make a A$300 million initial investment with A$240 million funded on settlement, and A$60 million deferred for 12 months.
The deal settlement is targeted for third quarter of fiscal 2024, the company added.
($1 = 1.5713 Australian dollars)
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$2.26 |
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Mkt cap ! $8.897B | |||
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