+
Mirvac Acquires Serenitas for A$1.01B
ECONOMY & POLICY

Mirvac Acquires Serenitas for A$1.01B

Mirvac Group MGR.AX, an Australian property developer, announced that it would purchase Serenitas, a land lease operator controlled by Singapore's sovereign-wealth fund GIC, for A$1.01 billion ($642.76 million) in collaboration with Pacific Equity Partners Secure Assets (PEP) and Tasman Capital Partners.

Following the transaction, Serenitas will operate as a joint venture, with Mirvac and PEP each owning 47.5% of the company, and Tasman Capital Partners owning the remaining portion.

"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 began as a land lease community enterprise in 2017.

Mirvac will make an initial investment of A$300 million, with A$240 million funded upon settlement and A$60 million deferred for 12 months.

The purchase is expected to be completed in the third quarter of fiscal 2024, according to the business.

(1 US dollar = 1.5713 Australian dollars)

Mirvac Group MGR.AX, an Australian property developer, announced that it would purchase Serenitas, a land lease operator controlled by Singapore's sovereign-wealth fund GIC, for A$1.01 billion ($642.76 million) in collaboration with Pacific Equity Partners Secure Assets (PEP) and Tasman Capital Partners. Following the transaction, Serenitas will operate as a joint venture, with Mirvac and PEP each owning 47.5% of the company, and Tasman Capital Partners owning the remaining portion. 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 began as a land lease community enterprise in 2017. Mirvac will make an initial investment of A$300 million, with A$240 million funded upon settlement and A$60 million deferred for 12 months. The purchase is expected to be completed in the third quarter of fiscal 2024, according to the business. (1 US dollar = 1.5713 Australian dollars)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code