Inner-city precinct to see build-to-rent project
Mirvac has acquired a purpose-built build-to-rent project in Melbourne’s CBD.
Firm: Allens (Mirvac Group)
Deal: Mirvac has acquired a new build-to-rent project in Melbourne’s CBD.
Value: $333.5 million
Area: Property, Real Estate, M&A
Key players: Allens’ team was led by corporate partner David McLeish and managing associate Tim Chislett.
Deal significance: The purpose-built, build-to-rent project is a 490-unit residential tower being developed by PDG.
According to Allens, the “Munro” project is opposite the Queen Victoria Market and is part of a $450 million renewal of the inner-city precinct.
The firm noted its team acted on all property development aspects of the transaction.
Tim Chislett said: “We were thrilled to advise Mirvac’s specialist BTR team on the landmark and ‘first-of-a-kind’ transaction.
“Build-to-rent is set to revolutionise the way people live in our future cities.
“As a firm, we have a strong belief in the build-to-rent sector, and we are proud to work with Mirvac, Australia’s leader in the space.”