Mirvac completes takeover
Mirvac has completed its acquisition of specialist real estate fund manager Property Funds Australia (PFA), following up on an initial 50 per cent acquisition in August 2004.
PFA is the responsible entity of the listed PFA Diversified Property trust, which owns a portfolio of Australian investment grade assets valued at $687 million.
Mirvac’s funds management division, of which PFA is now a member, manages funds under management of $13.3 billion on behalf of retail and institutional investors.
Divisional chief executive Grant Hodgetts said the acquisition of PFA would provide Mirvac with an additional product focused on the unlisted retail and non-institutional market.
“Combining PFA with Mirvac’s own proven funds management and development capabilities will provide investors in the trust with access to Mirvac’s total real estate platform,” he said.
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