Mirvac Group
(ASX:MGR) and Blackstone, its co-owner of 275 Kent Street, Sydney are progressing leasing talks with Westpac Banking Corporation
(ASX:WBC).
The diversified property group and bank have entered into an exclusive dealing period to finalise documentation for a new lease agreement.
The 12-year lease deal is expected to start in November 2018 after Westpac’s current lease expires.
The deal would extend Westpac’s commitment as the majority tenant of the tower until 2030.
As part of the deal Mirvac says it will utilise its in-house development and asset management expertise to deliver further enhancements to the premium grade asset.
Mirvac Group reported a net profit of $279 million in the first half of the 2015 financial year.
