Boral signs Scoresby property agreement with Mirvac

Company News

by Rachael Jones

Construction company Boral (ASX:BLD) has entered into a property development management deed with Mirvac (ASX:MGR).

This is in relation to its Scoresby site also known as Wantirna South in Victoria.

Under the agreement, Mirvac will manage the urban development of the 171-hectare site, including a proposed new housing community and new parklands.

Boral expects to receive approximately $66 million of EBITDA through to FY2026, including $3 million in FY2019.

The project is expected to complete in 2035.

Shares in Boral (ASX:BLD) closed 1.12 per cent lower at $5.28 yesterday. 

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