Mirvac Group (MGR)

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Mirvac Group (MGR) is a company engaged in the real estate development of both non-residential and residential projects and management of real estate funds. MGR was listed on the Australian Stock Exchange on the 16th of June 1999. Its average annual revenue reaches approximately $2 billion out of its issued capital of approximately $1.8 billion. Its headquarters is located in North Sydney, Australia and to date; around 5,500 people are employed in the company. Mirvac Group operates mainly in four business segments: property development, property investment, fund management and hotel.

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12-14% Earnings on Track for Mirvac

Real estate developer Mirvac Group (ASX:MGR) said it was on track to hit between 12 to 14 percent earnings growth for 2011-2012. The company is positive on earnings forecasts after sales broke records for a weekend.

In Tuesday's third quarter operational announcement, Mirvac stated that a net profit and earnings per security (EPS) guidance between 10.4 and 10.6 cents per stapled security was expected for the year to end of June.

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Mirvac MGR Secures Finance

Australian property developer, Mirvac Group (ASX:MGR) has secured a new debt facility and refinances its debt. Two portions of debt has been refinanced, due to mature in June and next January into a new $1.85 billion facility. The new multicurrency facility, made up of maturities of one to five years, extends Mirvac's weighted average debt maturity from 2.5 years to 3.6 years.

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