Mirvac Expands Residential Portfolio with Serenitas Acquisition

Mirvac Group (ASX: MGR) is set to expand its residential offerings with the acquisition of Serenitas, one of Australia's leading land lease operators, in partnership with Pacific Equity Partners Secure Assets (PEP) and Tasman Capital Partners. The total consideration for the acquisition is $1,010 million, with Mirvac making an initial investment of approximately $300 million. The joint venture structure will see Mirvac and PEP each holding around 47.5% ownership, with Tasman holding the remaining minority interest.

Serenitas operates 27 communities with over 6,200 sites, including 4,200 occupied sites and 2,000 sites for future development. This expansion into land lease communities aligns with Mirvac's strategy to address housing undersupply and tap into the growing market for over-55s affordable housing. The transaction is expected to be accretive to FY25 earnings and beyond.

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