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)

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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)

Next Story
Infrastructure Energy

GST on Coal Raised to 18 per cent, Compensation Cess Removed

The Goods and Services Tax (GST) Council has approved a hike in the GST rate on coal and lignite from 5 per cent to 18 per cent, while simultaneously removing the additional compensation cess of Rs 400 per tonne, previously levied at 40 per cent. The decision, taken on 3 September, is expected to rationalise the tax structure without raising the overall cost burden on power producers or consumers.According to a statement from the Union government, the move is unlikely to impact electricity prices, as the tax adjustment is designed to be revenue-neutral for buyers. The removal of the cess is ex..

Next Story
Infrastructure Energy

SCCL Mines Win 5-Star National Awards for Excellence

Singareni Collieries Company Limited (SCCL) has been awarded 5-Star ratings at the national level for four of its coal mines for the last financial year, recognising the company’s excellence in sustainable mining, safety, and operational practices.The honoured mines include:RG OC-1 Extension from the Ramagundam-3 AreaJK-5 OC from the Yellandu AreaRK-6 Underground Mine and RK-Newtech Mine from the Srirampur AreaThese awards were presented during the 5-Star Rating Awards Ceremony held in Mumbai, where SCCL Chairman and Managing Director N. Balram received the accolades from Union Minister for ..

Next Story
Infrastructure Urban

JFSL Gets Rs 3.96 Billion from Promoters for Expansion

Jio Financial Services Ltd (JFSL) announced on Wednesday that promoter group companies have infused Rs 3.96 billion into the firm to support its expansion plans. The company’s board allotted 500 million convertible warrants at Rs 316.50 per warrant to Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd, both part of the promoter group.Each entity has received 250 million warrants, and the total amount received—Rs 3,956.25 crore (Rs 39.56 billion)—represents 25 per cent of the total warrant issue price, in accordance with regulatory norms.This development is par..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?