The diversified developer reported a strong set of results, buoyed by settlements of key commercial projects in Brisbane and Sydney.
Mirvac earnings rose 4.6 per cent in the year to June as the company completed key office and mixed-use commercial assets in Brisbane and Sydney, and residential profit margins increased on the back of higher-yielding master-planned community home sales.
“We have delivered a strong financial and operational result ahead of guidance, demonstrating the continued resilience of our people and the value of our integrated and diversified business model,” chief executive Susan Lloyd-Hurwitz said. Mirvac’s residential sales will increasingly move towards lower-margin apartment sales, and the company is planning to sell $1.3 billion worth of lower-value office and retail assets to improve the quality of its investment portfolio at a time when there was a “bifurcation of tenant and capital demand for modern, sustainable real estate,” Ms Lloyd-Hurwitz said.secured the management rights for AMP Capital’s flagship $7.7 billion office fund“The fund’s modern, sustainable, high-quality $7.
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