MIRVAC GROUP — Regulatory Filings 2003

Jul 29, 2003

July 30, 2003

Media and Stock Exchange Announcement

Mirvac Acquires Villawood Industrial Property

The Mirvac Group today announced it had acquired a 4 hectare site at 44 Biloela Street, Villawood, about 25 kilometres west of the Sydney CBD.

The acquisition price is \$17.3 million, which provides an initial passing yield of approximately 9 per cent before acquisition costs.

The property includes a total building area of 15,840 sqm, made up of prime high clearance warehouse and office space. The highly specified building constructed in 1993 has extensive awning and hardstand areas. There is potential to extend the warehouse by up to 3,000 sqm.

The property is leased to RMS Distribution Services Pty Ltd until November 2008, with two five-year options. The lease is guaranteed by the Commonwealth Government.

Mirvac Investments CEO Mr Barry Neil said the property was well located in an established industrial precinct, being close to Woodville Road and Hume Highway. Leightonfield Railway Station is less than 1 kilometre from the property.

"This transaction follows our strategy of diversifying our investment property portfolio by adding to our industrial and retail assets, acquiring well located properties with strong tenants and, where possible, with some longer term development potential," Mr Neil said.

The transaction was negotiated through FPDSavills director Mr Grant Weine.

Ends

Further Information Andrew Butler $(02)$ 9080 8626