Mirvac Acquires Serenitas for A$1.01B

20 Oct 2023 CW Team

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)

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