Australian Retirement Trust acquires major stake in industrial estate

Mirvac finalised the sale of the Aspect South Industrial precinct in Sydney to the Mirvac Industrial Venture (MIV), with Australian Retirement Trust (ART) acquiring a 49% interest, bringing its total expected value to $1 billion.

Last June, Mirvac and ART launched the $370 million MIV. Its seed asset was the Switchyard in Auburn, NSW, which will deliver approximately 72,000 square metres of high-quality industrial space.

At the time, ART's head of global real assets Michael Weaver said the super fund was pleased to invest with Mirvac.

"We look forward to seeing these investments come to fruition to contribute to the retirement outcomes for our 2.2 million members across Australia," he said.

Today's transaction is part of several key initiatives Mirvac has completed since its 3Q24 update in May.

According to an ASX announcement, Mirvac has also fulfilled its $1 billion asset sales program, including the exchange and deposit received for 367 Collins Street, Melbourne, with settlement expected in July.

Additionally, Mirvac has unconditionally exchanged a 66% interest in 55 Pitt Street, Sydney, to Mitsui Fudosan Australia.

This total office development has an estimated end value of $2 billion and will be delivered as a joint venture. Mirvac will co-own, develop, and construct the building, and provide leasing, investment, and property management services upon completion. The transaction is expected to settle today.

Following the update, Mirvac's share price jumped 5.08%.

However, its price is still down 17.6% over the past year.