Mirvac Group
(ASX:MGR) has entered into a joint venture with PAYCE Consolidated to purchase an interest in East Village retail centre in Zetland, Sydney for a total consideration of $154.7 million.
Settlement of the transaction remains subject to conditions and is anticipated to occur in the first half of FY17.
The company also announced a record $2.3 billion of residential pre-sales in its FY16 first quarter operational update.
The real estate group said demand for residential product remained solid during the quarter, supported by low interest rates, population growth and a high level of investment in infrastructure.
Mirvac Group recorded a net profit of $609.9 million at 30 June 2015.
