Allens has advised ASX-listed Mirvac Group (ASX: MGR) (Mirvac) on the acquisition of a A$333.5 million purpose-built, build-to-rent project in Melbourne’s CBD. Melbourne property developer PDG will develop the 490-unit residential tower for Mirvac, under the terms of the agreement.
The ‘Munro’ project is opposite the city’s historic Queen Victoria Market and is part of the A$450 million renewal of Melbourne’s famous inner-city precinct.
This build-to-rent project is Mirvac’s second in Australia, following its initial investment at Sydney Olympic Park, due for completion in 2020.
Partner David McLeish and Managing Associate Tim Chislett led the Allens team, who acted on all the property development aspects of the transaction.
‘We were thrilled to advise Mirvac’s specialist BTR team on this landmark, ‘first-of-a-kind’ transaction,’ said Tim.
‘Build-to-rent is set to revolutionise the way people live in our future cities. As a firm, we have a strong belief in the build-to-rent sector and we are proud to work with Mirvac, Australia’s leader in the space,’ he said.
The Munro build-to-rent project follows Mirvac’s A$750 million equity raising, which Allens also advised on, led by Partners Julian Donnan and Kate Towey.