Mirvac announced its expectations to be delivered at the top end of its financial year guidance. Alongside, theleading integrated real estate group launched $750 million in equity raising which will be used to repay debt and to finance the $4 billion development pipeline.
Well known investment banks such as JPMorgan, UBS and Macquarie Capital funded the equity raising, which is projected to upkeep Mirvac’s growth in the office, industrial, residential and mixed-use projects.
Aside from the non-underwritten security purchase plan to raise up to $75 million, ASX-listed Mirvac launched the fully underwritten institutional placement at a fixed price of $2.97 per new stapled security, representing a 4.2 per cent discount to Mirvac’s closing price of $3.10.
“Mirvac continues to deliver on its $3.1 billion active and committed development pipeline that is fully funded,” Mirvac chief executive Susan Lloyd-Hurwitz said. “This new equity will be used to repay debt and provide certainty of funding to activate our future, secured commercial development pipeline that has an estimated end value of over $4 billion".
Image and article source: https://theurbandeveloper.com/articles/mirvac-launches-750m-placement-for-development-pipeline
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