MIRVAC GROUP — Capital/Financing Update 2007

Oct 1, 2007

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2 October 2007

MIRVAC GROUP’S $255 MILLION INDUSTRIAL ACQUISITION FROM DOYLE GROUP

Mirvac Group ( Mirvac ) [ASX: MGR] today announced it had agreed terms for the off market acquisition of a major portfolio of Queensland industrial landbanks from the Doyle Group ( Doyle ) for a total consideration of $255 million.

Mirvac will acquire the portfolio consisting of five industrial sites covering 565 hectares strategically positioned throughout Queensland’s major growth corridors. The sites will be acquired progressively over the next two years and will be developed by Mirvac under an exclusive arrangement with development partner Industrial Commercial Property Solutions ( ICPS ).

Key details of the sites to be acquired by Mirvac include:

	Site Location		Gross Site Area
1	South Pine Road, Brendale		5.74ha
2	Boundary Road, Mackay		32.2ha
3	Beaudesert Boonah Road, Bromelton		196.4ha
4	Pumicestone Road, Caboolture		64.5ha
5	Cunningham Hwy, Mutdapilly		266.3ha
		Total	565.1ha

Brendale and Mackay will be acquired for immediate development with the remaining three to be delivered over the next 10 years providing a diverse range of product.

Managing Director of Mirvac, Greg Paramor said, “The acquisition of this substantial industrial portfolio represents a landmark transaction and provides a unique opportunity to create high quality investment assets into Mirvac’s current and future funds.”

Mr Paramor confirmed that the acquisition reinforced Mirvac’s stated objective of significantly increasing its non-residential development. “This transaction further highlights the value of our Funds Management Division, as we now have a strengthened development pipeline which will lead to the creation of new funds over the coming years. The acquisition will also enhance Mirvac’s industrial development adding to continued sustainable earnings growth.”

Mirvac’s National Industrial Director, Stuart Penklis said that the acquisition will provide Mirvac with a significant pipeline of quality institutional grade product.

“Not only does this acquisition expand our presence in the industrial sector, it enhances our diversity through the investment in a number of intermodal and logistic hubs which will provide even greater opportunity to further strengthen our relationships with major warehousing, manufacturers and rail users. Mirvac’s strategy has been to focus on securing opportunities that will enable us to develop multi-modal facilities in emerging industrial precincts such as Bromelton.”

Chief Executive Officer of ICPS, Ben Fairfax, said “These sites were introduced off market to ICPS and will provide the ability to service the needs of major users both on a pre-lease and owner occupier turn-key basis. These land holdings will provide ICPS with a significant workbook for the next seven to 10 years. The size, scale and strategic locations of these parcels provide us with a unique opportunity to provide efficient supply chain solutions to our clients.”

All developments will be delivered and managed by ICPS’s Queensland construction and development teams. ICPS was the former Walker Corporation Industrial Development business and is now independently owned and operated.

For more information, please contact:

Stuart Penklis Ben Fairfax Craig Doyle Mirvac National Industrial Director CEO, ICPS Managing Director Doyle Group +61 2 9080 8711 +61 2 8004 8004 +61 7 3221 3200

Mirvac is a leading ASX-listed, integrated real estate group with more than $26.3 billion of activities under control across the real estate funds management and development spectrum.