Mirvac Group

From IntFX

See also: MGR for realtime information.

Mirvac Group has presence in two key sectors i.e. real estate development of residential & non-residential projects and real estate funds management.

The Company operates in two business segment:

• Funds Management:- It manages approximately $13.3 billion, $4.2 billion through Mirvac Property Trust, and $9.1 billion through 40,000 institutional and retail investors in three key areas: real estate equity - listed and unlisted funds and mandates, real estate debt - debt funds and infrastructure - listed and unlisted funds and mandates It is further divided into two segments:-

-Internal Funds Management: It has investments in properties covering the commercial, retail, industrial and hotel sectors. This helps to produce rental income. Income is also derived from investments in associated entities, including Mirvac Real Estate Investment Trust and Mirvac Industrial Trust. Fees are also received by Mirvac Real Estate Services, which provides asset management services to internal and external funds

-External Funds Management: It consists of External Funds and Hotel Management.

• Development:- This segment develops Australia's best residential projects and currently controls approximately 30,000 lots that is expected to develop over next 8-10 years engaged in construction and property development of residential, commercial, industrial and retail development projects throughout Australia

Following are few operational level highlights of company in FY2007.

• Acquired $1.124bn1of assets from Walker and purchased a $328.3m1hotel portfolio from Carlton Crest

• External funds management was conducted by establishing $ 655.5 million of new wholesale fund and has renewed Australian Supermandate through to June2010.

• Mirvac Property Trust delivered growth through $1.1bn of acquisitions, development completions and revaluations

• Restocked development pipeline with 11,903 residential lots -end value of $3.7 billion

• In Jan’07 acquired retail asset in New South Wales. It totaled $346.5 million including Rhodes Shopping Centre and Broadway Shopping Centre and Manning Mall in Taree

Mirvac is a leading company in Australia Stock Exchange under ticker MGR. with S& P rating of BBB. It is integrated real estate group with more than $26.3 billion (50% share of each segment) of activities under control. Company is committed to provide unparallel service, outstanding developments, and sound investment opportunities, all of which has Mirvac 'Mark of Quality'. The company is headquartered in Sydney Australia however has presence across regions in the country.

[edit] History

The company was established in 1972 and has more than 35 years of experience in real estate industry Strategy. The company focus is on integrated approach towards real estate development. It is focusing on procurement of new assets and acquisitions so that there is growth and improvement in portfolio quality and lease security. Company is also targeting commercial, industrial retail and hotel opportunities under development segment so that they can be leveraged for future fund management products. It is also focusing on increasing international opportunities.

[edit] Financial and operational performance

In 2007, the Company registered a growth of 26.1% with $556.1million in net profit after tax. Company generated revenues of U $2.2 billion an increase of 23% over 2006 primarily owing internal fund management.