This article is from the Australian Property Journal archive
MIRVAC has entered into a second joint venture with Chinese financial services giant Ping An, as well as divested two assets for $304.6 million including the Como Centre in Melbourne’s South Yarra.
The joint venture with Ping An Real Estate, a subsidiary of the Ping An Insurance Group, is for an interest in the St Leonards Square residential development, located at 472 and 486 Pacific Highway, St Leonards in Sydney’s Lower North Shore.
The development comprises luxury one-, two- and three-bdroom apartments and penthouses with harbour city views and ground floor plaza.
It follows Mirvac’s announcement in December 2015 that it had entered into a strategic development joint venture with Ping An to develop residential projects throughout key cities in Australia, beginning with The Finery project in Waterloo, Sydney.
Established in 1988, Ping An and was the first Chinese insurance company to adopt a shareholding structure and to have foreign shareholders, and is listed on the Shanghai and Hong Kong Stock Exchanges.
“We are thrilled to have expanded our partnership with Ping An to develop a flagship residential development on Sydney’s lower north shore,” Mirvac’s CEO Susan Lloyd-Hurwitz said.
“Having now entered into two residential development joint ventures with a high calibre organisation such as Ping An demonstrates our ability to work in partnership with third party capital to deliver the objectives of both parties,” she added.
Ping An’s CEO Andrew Zhou said the group is excited to expand its partnership with Mirvac in another key residential project.
“It would not have been possible to achieve this satisfactory result without the strong commitment and excellent execution capabilities of the parties. We remain confident in the long-term fundamentals of the Australian real estate market,” he aid.
Mirvac also offloaded two assets yesterday, the Como Centre in South Yarra, Melbourne and 16 Furzer St in Phillip, ACT, reportedly to Newmark Capital and a private Queensland-based group respectively for a combined $304.6 million.
The Como Centre, on the two-hectare iconic corner site of Toorak Rd and Chapel St South Yarra, was sold for $236.5 million – significantly above initial expectations of $200 million. The property includes 25,700sqm of A-grade office accommodation, 6,650sqm of retail, a 111-room hotel and commercial car park. IT was sold by Colliers International’s Nick Rathgeber and Leigh Melbourne, in conjunction with McVay Real Estate’s Sam McVay and Dan McVay.
16 Furzer St, also known as Aviation house, has changed hands for $68.1 million. The A-grade building comprises nine levels of office accommodation, a ground-level café and a commercial car park.
“This is an outstanding outcome for the group, and we are extremely pleased to have achieved these key milestones in our asset sales strategy for FY16, following the sale of 1 Woolworths Way in New South Wales earlier this year.” Lloyd-Hurwitz said.
Australian Property Journal
