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SYDNEY-Mirvac Group is planning to pay A$1.12 billion ($876 million) for a portfolio of businesses and properties from developer Walker Corp. The portfolio includes the Rhodes and Broadway shopping centers in New South Wales and a large-format retail center currently being built at Lake Haven on the New South Wales central coast.

Greg Paramor, managing director of the integrated real estate group that is based here, told a press conference that the company had paid a fair price for the assets. “The retail assets are well priced, and we think we bought well,” he said. “The market is very aggressively priced and has been for the last six to seven years.”

The total acquisition package is broken down as follows: Mirvac is contributing A$739.4 million ($578 million) for the bulk of the assets. JF Meridian Trust, which is listed on the Australian Stock exchange and managed by Mirvac, is purchasing one asset for $70.7 million ($55 million). Perron Investments Pty Ltd and Mirvac will joint venture in the purchase of two retail assets for $314 million ($245 million). The package also includes a number of non-residential development projects made up of two sub-regional shopping center sites in southeast Queensland, an office site in Rhodes and an industrial/large format retail project at Greenacre in New South Wales. In addition, Mirvac will acquire about 1,400 medium density and land subdivision residential lots through the transaction. “The acquisition will enhance Mirvac’s development pipeline in the eastern states adding to sustainable earnings growth in fiscal 2008 and beyond,” Paramor said.

The deal is Mirvac’s largest since Paramor was appointed managing director in January 2005. Mirvac operates real estate, fund management and hotel management across Australia.

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