Mirvac plans private placement of securities for A$300 million

By Laura Lutz

Des Moines, Oct. 25 - Mirvac Group intends to conduct a private placement for A$300 million.

The company plans to sell its stapled securities to institutional and sophisticated investors. The price per security has not been set.

JPMorgan will act as underwriter for the deal.

Following the placement, the company plans to conduct a security purchase plan under which existing stapled security holders will be able to purchase up to A$5,000 of securities. The price per security will be the same as in the private placement.

Proceeds will be used to retire debt and for the company's existing and future non-residential real estate development pipeline.

Mirvac is a real estate group based in North Sydney, Australia.

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