Mirvac acquires boutique funds manager
Mirvac Group has announced plans to acquire the remaining 50 per cent stake in boutique property funds manager Domaine Property Funds.
Mirvac acquired the initial 50 per cent of Domaine in August 2004, and has now exercised the option to purchase the remaining amount.
Mirvac managing director Greg Paramor said he was very pleased with the deal and expects the acquisition to further enhance the group’s expanding funds management platform.
“We will continue to build our portfolio of assets, both through further acquisitions and organic growth opportunities,” he said.
“Domaine has a well established distribution network and their expertise in unlisted trusts combined with Mirvac’s proficiency in managing listed and unlisted vehicles provides an even stronger, more diversified property investment to Mirvac and Domaine’s security holders and investors.”
Domaine currently holds $750 million in assets under management across five unlisted property trusts. As of June 30 Mirvac had $13.3 billion in funds under management.
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