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MIRVAC GROUP — Capital/Financing Update 2008
Mar 30, 2008
65328_rns_2008-03-30_69ad194c-5219-4e00-be03-db7825029361.pdf
Capital/Financing Update
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31 March 2008
101 MILLER STREET UPDATE
Mirvac Group (Mirvac) [ASX:MGR] confirms that, further to its ASX announcement on 24 December 2007 of the sale of a 50 per cent interest in 101 and 103 Miller Street, North Sydney, the contract is now unconditional and is pleased to announce further leasing activity.
The sale was concluded at a revised price of $230.1 million, a reduction of 2.7 per cent from the price advised in December, due to the increased cost of debt. Settlement will occur in June 2008.
“It is pleasing to see this price reflect continued demand for quality assets in a period of volatile capital markets,” said Nicholas Collishaw, Mirvac Executive Director, Funds Management.
Mirvac confirms that the level of pre-commitment for 101 Miller Street, pre completion of refurbishment, has taken commitments to approximately 45 per cent, following further leasing activity this past week, with the remaining areas under negotiation by a number of prospective tenants.
Mirvac embarked on a $40 million upgrade to maintain 101 Miller Street’s premium grade status and is on track for completion in July 2008. Mirvac’s state of the art refurbishment includes a complete reconfiguration of the lobby, as well as comprehensive upgrades to the large column-free office floors, premium building services and amenities. 101 Miller Street’s introduction of trigeneration by Cogent as the primary energy source will assist Mirvac in delivering a five star ABGR building and occupants with substantial ongoing energy cost savings.
For more information:
Ben James Adam Crowe Trust Manager, Mirvac Property Trust Group Investor Relations Manager 02 9080 8326 0407 629 644
Mirvac is a leading ASX-listed, integrated real estate group with approximately $28 billion of activities under control across the real estate funds management and development spectrum.
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