Mirvac Group
(ASX:MGR) has entered into an agreement to sell 50 per cent of a Melbourne office development for $138 million.
The real estate group inked a deal with an investment vehicle, sponsored by Morgan Stanley Real Estate Investing to sell its stake in 664 Collins Street, Melbourne.
As part of the transaction, Morgan Stanley Real Estate Investing will fund 50 of the total development costs, while Mirvac will provide development management and ongoing property and investment management services.
The building is already 62 per cent leased with Pitcher Partners and ExxonMobil pre-committing, while the remaining spaces are under a heads of agreement.
The urban development is above the Southern Cross Station and offers uninterrupted city views.
Shares in Mirvac Group
(ASX:MGR) are trading 0.47 per cent higher to $2.14
