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Last Done A$1.69 NTA 1.66, DPU 0.092 FY6/15, Yield 5.44%

Vested
GG

Mirvac dusts off Brisbane books
Matthew Cranston
598 words
16 Oct 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Mirvac Group has rapidly changed its residential position in south-east Queensland with plans to strategically deploy "a few hundred million" in markets where only 18 months ago it had taken some heavy impairments.

Mirvac's group executive for residential development, John Carfi, said the group was increasing its building division, launching new apartment projects, acquiring sites and keeping well away from regional areas such as the Gold Coast and Sunshine Coast.

He admits it is a distinct change of tack from 18 months ago when the company was stuck in a rut in south-east Queensland.

"We sat there with a good supply of completed product that was not relevant to the market appetite at that time," Mr Carfi recalls, "and that is a pretty painful position to be in when you have all that capital sitting there doing nothing.

"So really at that point we had no choice but to sit tight and take stock, and return as much capital to the group without deploying any further capital in that area."Commitment to Brisbane projects

That has now changed. This year Mirvac bought two sites, one at Brisbane Downs and an apartment development site in South Brisbane which already has development approved. The first tower there, comprising 189 apartments, will be released to the market later this year.

"Between those sites and another tower at Newstead we certainly have a couple of hundred million dollars committed to the Brisbane market," Mr Carfi said.

Mirvac's $196.2 million Unison project at Newstead is close to selling out its first tower off the plan, and the second tower will be ready before Christmas.

"We have increased our construction numbers in order to get Unison and South Brisbane under construction."

Mirvac has forecast $1.5 billion in revenue from its Queensland residential property pipeline, with 3441 lots under control.$200m in acquisitions

Credit Suisse analyst John Richmond notes that since May last year Mirvac has not made one residential disposal nationally – the only division within Mirvac not to have sold anything. Nationally Mirvac has made over $200 million worth of acquisitions, and further purchases in south-east Queensland are on the radar.

"In terms of greenfield purchases we are very specific about our strategy, so we are not going to buy a farm and sit there for 15 years waiting for it to get rezoned," Mr Carfi said.

"We are not going to buy a block out in the middle of nowhere with no infrastructure and no amenity, but we will buy stuff that is within the urban footprint – it is still on the radar for us.

"Certainly right now we are not looking at apartment projects in either the Sunshine or Gold coasts. Strategically if there were opportunities for masterplan communities we would look at them, but we are more focused on infill sites within eight kilometres of the city, with infrastructure."

Mirvac has no exposure to the Sunshine Coast and its only real estate at the Gold Coast is the $210 million Gainsborough Greens project. At the moment there are no plans to restock in that market.

He said those regional markets were highly cyclical and discretionary. "From a strategic point of view it's not somewhere we want to be.

"When you are in a volatile regional market, the small-scale projects are a good place to be because you can get in and get out. "But with our scale of operation we like large-scale, long-term projects so those regional markets don't suit us."


Fairfax Media Management Pty Limited

Document AFNR000020141015eaag0003h
CBD project promises Mirvac a lush future

Samantha Hutchinson
414 words
16 Oct 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Sydney's Green Square town centre project will not be a "gamechanger" for Mirvac, but it will provide consistent profits from fiscal 2017, according to the group's residential head John Carfi.

Sales at the residential project lead by Urban Growth and Mirvac will kick off on Saturday, with 174 apartments going to market in Ebsworth, an apartment complex with two towers.

The sales process at Green Square, which sits just 10 minutes from Sydney's CBD, comes after six years of work that began when Urban Growth predecessor Landcom picked Leighton and Mirvac to develop the site in tandem.

Leighton exited the consortium in July, with Mirvac buying out the group's 50 per cent stake and now both Urban Growth and Mirvac are developing the site as a joint venture.

Days away from the first sales, Mr Carfi is relieved that the 2000 apartment development is inching close to turning the first sod. "It's not a gamechanger for Mirvac, but we tend to have 'anchor' projects in each state, and this is definitely one of them," Mr Carfi told The Australian ­Financial Review.

The project facing Green Square railway station will include a 40,000 sq m in addition to a substantial retail component, comprising 14,000 sq m for supermarkets and other offerings.Strong demand

Continuing, strong demand for apartments on Sydney's inner ring means the group and Urban Growth will kick off sales as quickly as they can to capitalise on market conditions.

"We will try and lock as many ­presales away as soon as possible, whatever the market absorb, but we don't to sell apartments five years ahead of ourselves," Mr Carfi said.

One-bedroom apartments without a carspace will start at $550,000, while three bedroom apartments measuring 123 sq m and including a carspace will start at $1.15 million.

Construction will begin in the first quarter of 2015, while the first residents are likely to move in from April 2016 onwards. The residents will be in good company. Developers including Crown Group, Toga, Bridgehill, Meriton and Payce Group are just some of the names generating new stock in the precinct between Zetland and Green Square.

But Mr Carfi remains nonplussed about the competition.

"We're very confident with the ­supply and demand fundamentals in the area," he said. "And we are aiming for the project to be the best site in the corridor."


Fairfax Media Management Pty Limited

Document AFNR000020141015eaag0003g
Ms Lloyd-Hurwitz said the lower-than-expected guidance was the result of the company ¬accelerating its residential business to take advantage of the ¬momentum in the market.
“We’re going to release 2700 lots next year and what that does is increase expense in 2015, which obviously has an impact on EPS in 2015,” Ms Lloyd-Hurwitz said.

Timing of book of earnings but analysts will find all sort of excuses to Sell the stock notwithstanding the glowing fundamentals of the developer cum landlord... no difference to St******...

Vested
GG

Cashed-up Mirvac leaves analysts scratching heads
SARAH DANCKERT, Property
528 words
22 Aug 2014
The Australian
AUSTLN
English
© 2014 News Limited. All rights reserved.
THE red-hot residential market and $1.5 billion in property deals has led Mirvac Group to post a bumper profit for 2014, but some analysts were left nonplussed with the company’s forecasts for 2015 and beyond.
Mirvac posted a 220 per cent increase in net profit to $447.3 million. Operating earnings per share was in line with guidance of 11.9c and it paid out a full-year distribution of 9c a share.
Yet despite chief executive Susan Lloyd-Hurwitz describing the company’s performance in 2014 as “tremendously successful”, Mirvac’s shares fell 1.5c to $1.89 yesterday over concerns about its forecasts.
The company forecast EPS of between 12c and 12.3c and distributions of 9.2c-9.4c.
During the year Mirvac acquired $854.8m of office, retail and industrial property as well as some key residential development sites while it offloaded $624m of non-core properties as part of its quest to improve its investment portfolio.
Mirvac’s residential arm achieved $1.2 billion in residential pre-sale contracts and settled 2482 lots. The company also achieved a 10.5 per cent return on the capital invested in its development projects.
Ms Lloyd-Hurwitz said the lower-than-expected guidance was the result of the company ¬accelerating its residential business to take advantage of the ¬momentum in the market.
“We’re going to release 2700 lots next year and what that does is increase expense in 2015, which obviously has an impact on EPS in 2015,” Ms Lloyd-Hurwitz said.
“What it does do is set us up for 2017 with $1.9bn of revenue to come through the books from 2017 on.” She also brushed off concerns that the market was overheating and said she was not a subscriber to the “bubble theory”.
Ms Lloyd-Hurwitz declined to comment on whether Mirvac had shown an interest in Leighton Holdings’ property arm.
Mirvac recently bought out Leighton’s 50 per cent holding in its joint venture at the hugely successful Green Square project in Sydney.
Mirvac is also expected to buy Leighton out of its joint venture for the Perth City Link project.
Ms Lloyd-Hurwitz said if Leighton looked to exit that project, Mirvac had the right to approve any new joint venture partner, adding: “We’re happy to do it ourselves.” Credit Suisse analyst John Richmond said that while the quality of Mirvac’s portfolio had significantly improved after an active period of acquisitions and non-core disposals, which should result in higher investment income growth in future periods, other parts of the result were disappointing.
“Guidance for only 1-3 per cent EPS growth is underwhelming in the context of the residential bull market that we’re in,” Mr Richmond said.
Morgan Stanley analyst John Lee said the results confirmed that the company’s earnings growth in 2015 would be subdued.
“How far away is FY17?” he added.SG Hiscock fund manager Grant Berry said he was not too concerned with Mirvac’s forecasts as it was common for earnings from apartment projects to be ¬delayed.

News Ltd.

Document AUSTLN0020140821ea8m0001z
After a further slide on Friday to $1.70, Mirvac traded at a premium of just 2 per cent to NTA compared to the 26 per cent premium paid for the Australand Property Group.

Mirvac's Birkenhead Point buy splits analysts

Robert Harley
389 words
13 Oct 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.

The $310 million purchase of the Birkenhead Point outlet centre in Sydney by Mirvac has divided analysts.

The yield, at 6.6 per cent – and only when the substantial amount of empty space is leased – looks tight.

The upside is in reworking the waterfront retail. Apartment development is long-term blue sky.

Some analysts looked beyond the yield and saw value.

In fact Credit Suisse analyst John Richmond upgraded Mirvac to outperform in his note on Friday.

Other analysts reserved judgment.

Deutsche Bank's Jason Weate said the pricing looked "relatively firm" on a passing yield basis.

"Potential for residential upside is uncertain, and in our view Mirvac will need to prove up its ability to remix tenancies that could drive further strong sales growth at the centre, and ultimately capture rent growth," he wrote.

Morgan Stanley's trading desk wrote that the yield looked relatively sharp.

"But it seems reasonable when compared alongside CFS Retail Property Trust Group's 6.75 per cent cap rate for the DFO Homebush," Morgan Stanley wrote.

For Morgan Stanley, the purchase, in combination with the Harbourside Shopping Centre in Darling Harbour "further upgrades the quality of Mirvac's retail portfolio" and its retail development pipeline.

For Credit Suisse analyst John Richmond the pricing "looks reasonable."

The vendors, the Abacus Property Group and the Kirsh Group bought Birkenhead for $174 million in 2010 and will enjoy a 24 per cent equity IRR.

However at $9366 a square metre, the centre is cheaper than Harbourside or the valuation on Broadway.

"Occupancy costs of 11.1 per cent [of retail turnover] are low relative to its productivity of $8034 a square metre and sit well below Harbourside (16.8 per cent) and Broadway (18.1 per cent), which should support future rent growth through tenant remixing," Mr Richmond wrote.

He did see potential for Mirvac's skills in apartment development on the 1.3-hectare car park site but noted the traffic and floor space ratio constraints.

Credit Suisse upgraded Mirvac, which has dropped 10 per cent since its annual results.

After a further slide on Friday to $1.70, Mirvac traded at a premium of just 2 per cent to NTA compared to the 26 per cent premium paid for the Australand Property Group.


Fairfax Media Management Pty Limited

Document AFNR000020141012eaad0002o
Building a reputation

JENNIFER SEXTON, BUSINESS EDITOR
362 words
25 Oct 2014
Daily Telegraph
DAITEL
English
Copyright 2014 News Ltd. All Rights Reserved

SHE inspires a team of 1200 people, runs a $6.4 billion company and is also the mother of three children.

Last night Susan Lloyd-Hurwitz was rewarded for her resilience and excellence in the blokey world of property development when she was crowned 2014 Telstra NSW Business Woman of the Year.

Ms Lloyd-Hurwitz is CEO and managing director of the Mirvac Property Group, a giant in the development industry and among the top 50 companies on the Australian Stock Exchange. Her children are aged seven, 11 and 13.

“Along the way, I’ve had some important mentors who have invested in me, taken a risk, held up the mirror for me and guided me,” Ms Lloyd-Hurwitz told The Saturday Telegraph last night. “In all business relationships, I strive to listen, to create mutually beneficial outcomes and to communicate often and with clarity.

“I motivate and inspire people using every tool available to me … I also try to ­ensure that my actions line up with what I say, and that I am decisive and clear in both popular and unpopular or difficult decisions.” She was also presented with the Telstra Business Women’s Private and Corporate Sector Award at a dinner at Sydney’s Westin last night. News Corp, publisher of The Saturday Telegraph, is a sponsor of the awards.

One of her key career achievements was leading the establishment in 2003 of a Macquarie Group real ­estate fund that invested in Chinese shopping centres.

“Over the three years I worked on this fund, I learnt some valuable lessons, the most profound of which was resilience,” Ms Lloyd-Hurwitz said. “It was an incredibly complex and long undertaking — it still exists, continuing to generate the returns we promised, weathering a wide range of economic and political conditions including the GFC.” Other winners of the 2014 NSW awards announced last night were Justine Curtis, founder of Inspired Adventures; Margaret Bowen, CEO of The Disability Trust; ­Andrea Galloway, CEO of not-for-profit Evolve Housing; and Tina Tower, founder of northern NSW tutoring business Begin Bright.

National winners will be announced on November 26.


News Ltd.

Document DAITEL0020141024eaap00099
Last month, Mirvac announced it had sold more than 1000 dwellings at its Harold Park development in Glebe. At the most recent launch for its fifth precinct, 92 out of 111 apartments were snapped up in a single day.

Apartments are on up and up in value and sales
Brendan Wong
528 words
25 Oct 2014
Daily Telegraph
DAITEL
English
Copyright 2014 News Ltd. All Rights Reserved
Units have become a favourite choice of Sydney buyers and there are compelling reasons why, writes Brendan Wong

MORE Aussies are ditching the traditional backyard in favour of apartments, fuelling value growth for smaller properties, research shows.

Onthehouse.com.au statistics reveal that in the past year, units grew in value by 8.61 per cent, while the house market experienced a growth of just 7.56 per cent.

In the past quarter, Sydney and Tasmania recorded the best growths in unit values at 3.81 per cent and 6.24 per cent respectively However, South Australia reversed the trend, dipping by -4.59 per cent. Onthehouse.com.au analyst John Edwards said the data reflected the high cost of housing. “Buying a house is just so expensive for young people and first-home buyers and even second-home buyers, so they’re driven into the unit market,” Mr Edwards said.

The data also shows the average household would need to spend 53 per cent of their income in mortgage repayments for a house with a median value of $839,500.

For a unit in Sydney with a median price of $581,500, it would cost a buyer 36.7 per cent of their income.

Mr Edwards said most people would still prefer to live in houses, but a lack of infrastructure, such as public transport, made it too hard.

“The only alternative is to live closer to the city and that means their only affordable option is a unit,” he said.

Much of the strong growth in units has been in inner-city suburbs of Sydney. According to BIS Shrapnel, there are an estimated 5800 apartments in inner Sydney currently under construction, with further projects expected to result in 11,500 new apartments being completed over the next three years.

BIS Shrapnel predicts the median price growth for units to remain at about six per cent over 2014 to 2015 and 2015 to 2016.

The surging popularity of units can be seen in the huge uptake of off-the-plan projects.

Last month, Mirvac announced it had sold more than 1000 dwellings at its Harold Park development in Glebe. At the most recent launch for its fifth precinct, 92 out of 111 apartments were snapped up in a single day.

Chris Mourd, LJ Hooker head of network, said the rising popularity of units reflected the change in homebuyers’ preferences.

Where once units were just low-cost options for home buyers, new developments now came with extras like shopping centres, parks and pools, all in the one location.

“What we know is an apartment and the quality of an apartment has changed dramatically over the last 50 to 60 years,” Mr Mourd said.

“Units are not just four brick walls with a couple of windows and a pokey kitchen. The amenities that people are after are now being provided in apartments and therefore an apartment becomes a serious option.”Mr Mourd said he expected the demand and popularity of apartments to continue due to population growth, ongoing dwelling supply issues, affordability constraints and lifestyle choices.


News Ltd.

Document DAITEL0020141024eaap0006r
Square gets green light

384 words
25 Oct 2014
Daily Telegraph
DAITEL
English
Copyright 2014 News Ltd. All Rights Reserved

After a long wait, Green Square’s highly anticipated residential developments will finally have their first release.

Developed by Mirvac and UrbanGrowth NSW, Ebsworth is the first stage of 2000 apartments that will be offered to the public, along with 14,000sq m of retail space and 50,000sq m of office space.

With artisan-style retailers, cafes and restaurants expected to set up shop on the ground level of the project, there will be plenty for residents and locals to entertain themselves with.

The development will also feature nine residential levels including a mix of one, two and three-bedroom apartments.

Prices for the one-bedroom apartments will start from $550,000, two-bedrom units will start from $820,000 and three-bedroom residences will start from $1.15 million.

Buyers will have a choice between city skyline views or High St views, where there will be a range of retailers lining the street.

All residences will have access to the communal landscaped courtyard. They will also be able to use recycled rainwater that has been harvested on-site for toilet flushing, washing machines, landscaping, irrigation and the residential car wash bay.

For more details call 9080 8988, or visit greensquare.mirvac.com EBSWORTH GREEN SQUARE 355 Botany Rd, Zetland

GREEN SQUARE ● THE Green Square urban renewal area spans 278 hectares and includes parts of Beaconsfield, Zetland, Rosebery, Alexandria and Waterloo.

It is located only 3.5km from the Sydney CBD and by 2030 is expected to have a population of approximately 53,000 residents and 22,000 new workers.

Green Square will feature its own town centre that will cover 14 hectares, house 6800 residents and employ 8600 workers.

The town centre will have a civic plaza and library as well as parks and a creative community hub that will be provided by the City of Sydney.

Near the town centre there will be an aquatic centre and sport and recreation area.

Residents and commuters will enjoy easy access to the the town centre as well as the Sydney CBD and Bondi Junction via Green Square station, which is only minutes away.

Other nearby amenities include Perry and Alexandria Parks, Supa Centa Moore Park and The Grounds of Alexandria,as well as local cafes, restaurants and shops.


News Ltd.

Document DAITEL0020141024eaap0006m
JP Morgan rates MGR as Overweight

109 words
24 Oct 2014
FN Arena
FNAREN
English
Copyright 2014. FN Arena Ltd.

JP Morgan has reviewed the company's projects, noting Mirvac offers exposure to strong residential markets on the eastern seaboard but also has proven office development capabilities.

The broker expects the company to deliver earnings growth above peers through the cycle and retains an Overweight rating. Target is raised to $2.02 from $2.00.

Sector: Real Estate.Target price is $2.02.Current Price is $1.74. Difference: $0.28 - (brackets indicate current price is over target). If MGR meets the JP Morgan target it will return approximately 14% (excluding dividends, fees and charges - negative figures indicate an expected loss).


FN Arena Ltd.

Document FNAREN0020141024eaao0005y

JPM: Mirvac Spared in RBA's Measures on Investor Loans -- Market Talk
149 words
24 Oct 2014
Dow Jones Institutional News
DJDN
English
Copyright © 2014, Dow Jones & Company, Inc.
17:49 EDT - Measures likely to be adopted by the Reserve Bank of Australia to rein in rampant house price growth shouldn't be too painful for property developer Mirvac (MGR.AU), says JPMorgan. "We acknowledge some risk around macroprudential regulation, but believe a light touch approach will be adopted targeted at interest-only investor loans," says JPMorgan analyst Richard Jones. This would ensure that there is no material distortion to the residential market, given it is the battling Australian economy's main shining light, he says. The broker has an overweight call on Mirvac and lifts its price target slightly to A$2.02/share from A$2.00. MGR last traded at A$1.74. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

October 23, 2014 17:49 ET (21:49 GMT)


Dow Jones & Company, Inc.

Document DJDN000020141023eaan004cc
Mirvac closes in on Altis jewels

BEN WILMOT, SARAH DANCKERT, DEALS STRATEGY
365 words
23 Oct 2014
The Australian
AUSTLN
English
© 2014 News Limited. All rights reserved.

MIRVAC Group is emerging as one of the most active players across all commercial property sectors as the market enters what is traditionally the busiest time of the year.

After cashing up with an $826 million portfolio sale to private equity giant Blackstone, Mirvac is well positioned as a buyer.

The group is closing in on the bulk of the prized Altis Property Partners portfolio, including the asset seen as the jewel in the crown: a $150m complex in Sydney’s St Leonards.

Mirvac’s ability to manage industrial property and develop residential sites has seen it best positioned to acquire about $250m worth of the assets.

The Altis portfolio, spanning about 10 properties in total, is being handled by Colliers International. CBRE is co-agent on the St Leonards property.

While Mirvac will pick up much of the portfolio, a private group is running the ruler over 2 Elizabeth Plaza, a North Sydney tower worth about $50m. Chesterton International is co-agent on that deal.

Another property in Sydney’s Norwest precinct is also likely to go to a separate buyer. The agencies and parties involved have declined to comment.

The latest move comes after Mirvac last month bought Birkenhead Point Shopping Centre and Marina in Sydney’s inner west from partners Abacus Property Group and Kirsh Group for $310m.

Mirvac has also been active on the capital partnering front. The group’s current co-owner on one of North Sydney’s largest properties, Eureka Funds Management, is close to selling a half-stake in Greenwood Plaza and 101 Miller to international heavyweight TH Real Estate for about $310m in a deal being brokered by JLL and CBRE.

Mirvac is also offering a half stake in PricewaterhouseCooper’s new Melbourne headquarters to major select buyers through Colliers International.

The sale of a 50 per cent share in the yet-to-be-built PwC tower at 2 Riverside Quay could see Mirvac reap about $110m.PwC signed a 12-year lease over 82 per cent of the 21,000 sq m building earlier this year in a deal foreshadowed in The Australian.


News Ltd.

Document AUSTLN0020141022eaan00042
Mirvac forges ahead with apartment and housing projects
THE AUSTRALIAN OCTOBER 27, 2014 12:00AM

Turi Condon

Property Editor
Sydney
Susan Lloyd-Hurwitz
Mirvac’s Susan Lloyd-Hurwitz plans to get as much stock in to the market as possible. Source: News Corp Australia

ONE of the country’s biggest residential developers, Mirvac Group, is forging ahead with apartment and housing projects, speeding up its workbook to meet what it sees as a two-year window of solid market conditions.

Chief executive Susan Lloyd-Hurwitz said years of chronic ­underbuilding in Sydney, and to a lesser extent Melbourne, would underpin the cities’ housing prices for another two years.

“What we are doing in response to that outlook is to go as fast as we possibly can to get as much stock into the market over the next couple of years that will drive earnings in 2017,” Ms Lloyd-Hurwitz told The Australian.

Mirvac, which has a market capitalisation of $6.4 billion, with residential, office, retail and industrial property around the country, will release a total of 2700 residential lots in financial 2015, substantially more than the 2320 lots the previous year.

About 85 per cent of the new residential development would be apartments, and 58 per cent would be in Sydney, she said.

While market conditions would remain buoyant, the days of soaring price growth in the two capitals were numbered, Ms Lloyd-Hurwitz said. “We believe that is unsustainable.

“We would expect house ­prices to increase in the mid- to single-digits for the next couple of years.”

Housing prices increased 14.3 per cent in Sydney in the year to September, the fastest growth of any capital, followed by Melbourne at 8.1 per cent, according to researcher RP Data.

Buyers were much more sensitive to rising interest rates and the velocity of the rise rather than to the absolute level of rates, Ms Lloyd-Hurwitz said.

She described the economy as in a “very shallow rate of recovery” and this would keep rates lower for longer and put a floor under housing prices.

Melbourne had an oversupply of small inner-city apartments. “Think the back of Southbank investor stock, no car ­park, one bedroom/studio-type apartments.”

“You have to pick your spots,” Ms Lloyd-Hurwitz said of the Melbourne market.

“We are very comfortable at Yarra’s Edge (Docklands apartments and townhouse project), comfortable in the high-end CBD, but not at all comfortable in investor stock in the Southbank area. We don’t play there at all.”

One of Mirvac’s new Melbourne projects will be up-market apartments to be developed at the Masonic Lodge and Dallas Brooks Centre site in East Melbourne in a venture with Freemasons ­Victoria.

“It’s too early to talk about price range (of the apartments), but multiple millions,” she said.

Ms Lloyd-Hurwitz also sees a two-year cycle in the office market, but two years of bad news. The office market was characterised by very weak demand, no net take-up of office space and falling tenant demand in Perth and Brisbane as white-collar jobs unwound from the resources boom.

“For the next two years, we won’t see any change in incentive levels, we will not see any net effective rent growth — in fact, in Perth net effective rents are dropping significantly.”

However: “Then it will turn and in a year and a half we will be talking about supply gaps,” Ms Lloyd-Hurwitz said.

Mirvac, which has a development pipeline of $3.4bn, was continuing to compete for office tenant precommitments, she said.

The group was more likely to be a developer than a buyer of prime CBD office space because of the surge in values.

“We are exceptionally unlikely to be the person buying the 5.25 per cent cap rate assets, but we would like to create those assets,” she said.

The group is also continuing to expand its $1.8bn shopping centre portfolio; Ms Lloyd-Hurwitz said it had developed about 35 per cent of the $800 million of planned work.
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