Australia's Mirvac to acquire French land lease operator Serenitas for $643 mln (updated)

Mirvac

17/10/2023 23:30

(Adds details on the deal throughout)
       Oct 18 (Reuters) - Australian property developer Mirvac
Group  MGR.AX  said on Wednesday it would acquire land lease
operator Serenitas, owned by Singapore's sovereign-wealth fund
GIC, for A$1.01 billion ($642.76 million) in partnership with
Pacific Equity Partners Secure Assets (PEP) and Tasman Capital
Partners.
    Serenitas, following the acquisition, will operate as a
joint venture with Mirvac and PEP holding 47.5% ownership each,
with the remaining stake held by Tasman Capital Partners.
        "This acquisition expands our residential offering,
propelling Mirvac to become one of the largest owners in the
attractive land lease community sector," said Mirvac CEO
Campbell Hanan.
    Serenitas was founded in 2017 as a land lease community
business.
        Mirvac will make a A$300 million initial investment with
A$240 million funded on settlement, and A$60 million deferred
for 12 months. 
        The deal settlement is targeted for third quarter of
fiscal 2024, the company added.
         
  

($1 = 1.5713 Australian dollars)

 (Reporting by Ayushman Ojha; Editing by Shailesh Kuber)
 ((Ayushman.Ojha@thomsonreuters.com;))