Mirvac Group (MGR)

Shares / Stock Code

MGR

Stock Exchange / Sharemarket

ax

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.

The property development business segment of Mirvac Group focuses on property development and construction of commercial, residential, retail and industrial development across Australia while Mirvac's property investment business segment is engaged in the asset management and investment of industrial, commercial, retail and hotel properties primarily in Eastern Australia done with the intent to produce rental income across Australia. This business segment also has investments in other associated entities such as JF US Industrial Trust, JF Infrastructure Yield Fund and JF meridian Trust.

The fund management business segment of Mirvac Group engages in the management of funds amounting to around $4 billion through the Mirvac Property Trust and $8.3 billion worth of funds of over 40,000 retail and institutional investors in the areas of real estate debt, real estate equity and infrastructure while the hotel business segment of the group is in charged of managing hotels and resorts, serviced apartments both in Australia and New Zealand. The Mirvac Hotels & Resorts has around 5,000 rooms that are being managed in 8 properties across New Zealand and Australia.

Mirvac Group Company History

In the latter part of 1960s and early 1970s, Mirvac was founded through a joint venture. It was modified as Mirvac in 1972. In the first six months of 1980, Mirvac extended its operations into hotel management and other related fields. In 1987, it joined the Australian Stock Exchange as an organisation owned by the public.

Mirvac Limited was created in July 1999 when Mirvac Property Trust, Mirvac Limited and Capital Property united. Village Center, St. Marys and Waverley Gardens shopping center in the Eastern Melbourne were among the investments acquired in 2002 for an amount of AUD$32.415 million.

In 2003, an island founded in Darling Harbour, Sydney was taken with the plan to sell and improve office and residential building. The company purchased 5,700 square meters of land in Canterbury Road, Melbourne to construct a luxury apartment. Burswood Limited and Mirvac planned to build the largest residential development to be done by only one developer in Western Australia.

James Fielding Group was taken in 2004. It opened Industrial property Trust in US in April 2005. Atlas Holdings at Nexus Industrial Park located in Liverpool, Sydney gave Mirvac in May 2005 a major industrial commitment beforehand. Mirvac Resorts and Hotels and TMG Developments bought five star hotel Cairns International from Daikyo Group Australia for $83 million.

Mirvac's funds management division James Fielding Funds Management (JFFM) took most of the forestry and land assets for $NZ 104 million of Evergreen Forests in August 2005. 50% stake of Perpetual James Fielding (PJF) was sold to its partner Perpetual Trustees Australia in September 2005.2.68 hectares of land located in slacks Creek, Queensland was purchased by Mirvac for $8.0 million from Springwood.

The company opened an institutional real estate funds business which is Quadrant Real Estate Advisors in the US in January 2006. A 50/50 exchanged contract was signed by Mirvac and Australian Retirement Fund (ARF) to purchase for $60.2 million Goodsell Building found in Sydney from the NSW State Government in February 2006.

Seven Network in June 2006 sought an agreement with James Fielding Funds Management to go on with the attainment of all interest of seven Network in Melbourne's Telstra Dome for about $330 million. The interest in JF US Industrial Trust jumped to 9.95% of units. It also joined Australian Retirement Fund (ARF) to construct a 456-lot residential community located in South Western Sydney's Spring Farm.

50% interest of Chantrey was gained by Mirvac. Chantrey used to be a property consultancy business located in London. Its cost Mirvac 2.0 million in purchasing it in September 2006. City Pacific and Mirvac Group agreed to construct a residential community at Pimpama, Gold Coast in November 2006. Properties and Businesses of Walker were purchased by Mirvac for $1.124 billion.