Mirvac will spend $300 million to acquire a near-half stake in the Serenitas portfolio of 27 land lease communities, making a leap into the one growing sector of the new housing market – affordable accommodation for downsizing baby boomers.
ASX-listed Mirvac on Wednesday outlined the $1.01-billion deal whereby it and private equity firm Pacific Equity Partners will buy Singaporean sovereign fund GIC’s 95 per cent stake in Serenitas, the largest operator in WA.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
