Mirav Property Analysis

In: Business and Management

Submitted By marlisa00
Words 776
Pages 4
Unlisted property trusts - Mirvac Development Fund – Seascapes

(i) Overview of the specific vehicle
The Mirvac Group which is listed on the Australian Stock Exchange was established in 1972 as a real estate group. It has two main divisions, Investment and Development. The Development Group undertakes development and construction projects, one of which is the Mirvac development Fund – Seascapes.
The Mirvac Development Fund – Seascapes is a single project fund which is a close-end unlisted project. The project was established in November 2005, to acquire, develop and sell Stages 17 - 27 of the Seascapes Estate.
Seascape is located in Mandurah, Western Australia, approximately 75Km south of Perth. The project involves: * Fund was constituted on the 15th of October 2005 * Development and sale of 11 stages * Development of a 48 hectare parcel of land * Development of 528 residential lots, including grouped housing site * Directors of Mirvac Funds Management Limited is the responsible persons of the Mirvac Development Fund - Seascapes * Managed by Mirvac Western Australia. Including the development and sale stages of the project.

(ii) Details & current value of the property portfolio
The property consists of the development of 528 residential lots on a 48 hectare parcel of Land. The land overlooks the Indian Ocean foreshore, which is an added incentive for buyers. Both tourist and locals alike flock to the area for its famous beaches and clean waterways.
As of December 2009, the property development site stages 25 to 27 were valued at 14.5 million Australian Dollars.
The following is the value of the property portfolio from the Balance sheet as at the 31st December 2009.

(Source: Mirvac Development Fund – Seascapes Interim financial report for the half year ended 31 December 2009)

(iii) Diversification of the property…...

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