Mirvac is raising $750 million through an institutional issue placement at $2.97 a share. The company will offer shareholders the right to take up a total of $75 million in new securities in addition to the larger raising.
First-quarter update was mixed, UBS observes, with highlights being the ongoing strength in the commercial & industrial portfolio as retail sales growth slows marginally. Residential releases were slightly disappointing.
Credit Suisse reiterates a positive view on the quality of the company's office portfolio, expecting that operating income growth will be healthy and derived from rent reviews and the rolling out/completion of the commercial development pipeline.