Mirvac, which owns 47.5% of the Serenitas brand, talks up its $1 billion acquisition (Pacific Equity Partners Secure Assets also own 47.5%) of the land lease operator, with 100% occupancy and big development funnel.
"Our acquisition of Serenitas is a great alignment to our capabilities, as we continue to focus on cementing our reputation as a leader in Australia’s living sectors,” Mirvac’s Group CEO & Managing Director, Campbell Hanan, said at the 3Q24 Operational Update to the ASX on Wednesday, 1 May.
Mirvac made a $300 million initial investment in Serenitas with $240 million funded on settlement, with another $60 million deferred for 12 months.
Serenitas' brands include Thyme Lifestyle Resorts, National Lifestyle Villages, Latitude 25 RV Lifestyle Community, The Outlook at Albany, Vantage at Vasse, and RV Homebase Fraser Coast; all are 100% occupied.
It sold 386 homes in the 12 months to March 2024 (32 homes a month), a 13% growth on the previous corresponding period.
The average sale price was $480,000.
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