Mirvac’s $750 Million Equity Raising

Allens has advised ASX-listed Mirvac Group (ASX: MGR) (Mirvac) on its fully underwritten institutional placement to raise A$750 million and a non-underwritten security purchase plan to raise up to A$75 million.

This is one of the largest equity raisings in Australia so far this year.

The equity raised will allow Mirvac to deliver value accretive office, industrial, residential and mixed-use projects, repay debt and replenish funding for its existing development pipeline.

The Mirvac equity raising follows a series of equity raisings by real estate groups.

Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The company, led by Susan Lloyd-Hurwitz, Shane Michael Gannon and Brett Draffen, in 2018 recorded A$ 2.149 billion revenues.

Allens advised Mirvac Group with a team including Julian Donnan (Picture), Kate Towey (Partner), Keegan Lopez (Associate), Lisa Gao (Associate), Ollie L’Estrange (Lawyer), Andrew Mon (Lawyer) and Will Brown (Equity Cap. Markets), Craig Milner (Tax), Penny Nikoloudis (Partner), Sean Cole (Managing Associate) and Nicholas Twomey (Funds).

Involved fees earner: Sean Cole – Allens; Julian Donnan – Allens; Lisa Gao – Allens; Ollie L’Estrange – Allens; Keegan Lopez – Allens; Craig Milner – Allens; Andrew Mon – Allens; Penny Nikoloudis – Allens; Kate Towey – Allens; Nicholas Twomey – Allens;

Law Firms: Allens;

Clients: Mirvac Group;