This article is from the Australian Property Journal archive
Mirvac has sold a vacant land for $34 million to a joint venture comprising AustralianSuper and Mirvac.
Mirvac will have a 20% stake in the joint venture, which is looking to develop the 43 hectare site into a 456-lot residential community in Spring Farm, southwest of Sydney.
Mirvac Homes will be engaged to develop estate which will comprise 219 homes and 237 vacant allotments.
In addition, AustralianSuper appointed Mirvac’s funds management division, James Fielding Funds Management to source, undertake and manage property investments. The mandate is primarily focused on value add and non-core opportunities.
AustralianSuper director James Quigley said the Spring Farm project will be the fifth investment by ARF/AustralianSuper as part of its property investment mandate with JFFM.
“This project highlights the opportunities that are available to ARF/AustralianSuper through Mirvac’s integrated property platform.
“The investment in Spring Farm provides further diversity to he sectors in which ARF/AustralianSuper has invested and will take ARF/AustralianSuper’s total equity investment in projects under the mandate to more than $40 million,” he added
Work is expected to commence in July 2006 and be completed by mid-2010.
AustralianSuper has over one million members and over $20 billion in assets.
By Kathryn O’Meara
