Mirvac unveils Suncorp as major tenant for office development | Finance News Network

Mirvac unveils Suncorp as major tenant for office development

Company News

by Anna Napoli

Mirvac Group (ASX:MGR) has today announced that Financial Services Group, Suncorp is to be the major tenant for its proposed office development in Ann Street, Brisbane.

Under the deal the Asia Pacific core fund of M&G Real Estate, will be a 50 per cent joint venture partner in the project.

Suncorp has pre-committed to over 39 thousand square metres of office and retail space, representing around 66 per cent of the buildings total lettable area for a ten year term.

The total consideration for the 50 per cent interest of the completed development is $418 million.

Shares in Mirvac Group (ASX:MGR) are trading down 0.67 per cent to $2.21.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.