Mirvac extends relationship with Daibiru
Mirvac is pleased to announce that it has extended its relationship with leading Japanese real estate company, Daibiru, following their investment in the Mirvac Wholesale Office Fund (MWOF or the Fund).
In May this year, Mirvac and Daibiru established a strategic partnership with Daibiru investing in a 50 per cent share of Mirvac’s next generation workplace development, 7 Spencer Street in Melbourne.
Currently under construction, 7 Spencer Street is a 21-level office tower covering approximately 46,000 square metres of floor space. The site is part of the emerging Northbank precinct, which includes Mirvac’s second build to rent property in Melbourne, LIV Aston, marked for completion in mid-2024.
Daibiru’s investment in MWOF marks their second collaboration with Mirvac. MWOF is comprised of 11 prime grade assets concentrated in the Sydney and Melbourne markets. The portfolio is underpinned by high quality modern precincts such as Quay Quarter Sydney, along with iconic assets such as Collins Place, Melbourne, and features a WALE (by income) of 5.5 years and NABERS Energy Rating of 5.1 Stars1.
The Fund continues to deliver strong performance and is outperforming its benchmark over a one-, two-, three- and five-year period (according to MSCI wholesale fund indexes). MWOF’s modern, high-quality portfolio is strongly aligned with Mirvac’s investment strategy and existing portfolio.
Mirvac’s CEO Funds Management, Scott Mosely said: “Building a strategic relationship with a high calibre investor like Daibiru is consistent with our strategy to grow our capital base with quality, strategically aligned, long-term investment partners.
“Daibiru is a well-respected Japanese commercial property owner with a strong track record and a shared desire to deliver innovative and attractive workplaces together with Mirvac.”
Representative Director and president CEO of Daibiru Corporation, Takashi Maruyama said: “It is our pleasure to collaborate with Mirvac again through investing in one of Australia’s leading office funds managed by the respected property development group. We appreciate that MWOF is a prime quality portfolio with great strategies. Hence, we are sure that this investment would not only deliver us stable returns but also deepen our knowledge and insight into the Australian office market.”1 As at 30 June 2023.
Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.
Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.