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.