Mirvac Exchanges Contracts for 1 Woolworths Way

Mirvac Group ("Mirvac") [ASX: MGR] advises that contracts have been exchanged for the sale of 1 Woolworths Way, Bella Vista, NSW for a total consideration of $336.45 million, representing a yield of 6.07 per cent.

As part of the transaction, Mirvac Projects will remain responsible for the delivery (including cost) of a new multi-story carpark via a development management agreement.

1 Woolworths Way is located approximately 30 kilometres north-west of the Sydney CBD within Norwest Business Park, and is 100 per cent leased to Woolworths Limited until 2031. Woolworths recently signed a new 15-year lease deal which is expected to commence in August 2016, following completion of the multi-story carpark.

Completion of the transaction is subject to conditions precedent, including regulatory approval. Settlement is expected in February 2016.