Mirvac Group (MGR) Trading Update summary

Asset sales and joint ventures

• Achieved ~$1 billion in asset sales, including 367 Collins Street, Melbourne, with settlement expected in July 2024.

• Exchanged ~66% interest in 55 Pitt Street, Sydney, to Mitsui Fudosan Australia; project valued at ~$2 billion and structured as a joint venture.

• Mirvac will co-own, develop, construct, and manage 55 Pitt Street, with transaction settlement expected immediately.

Industrial and residential updates

• Completed sale of Aspect South Industrial precinct into Mirvac Industrial Venture, with Australian Retirement Trust acquiring a 49% interest; MIV's expected end value is ~$1 billion.

• Residential lot settlements projected at approximately 2,400 lots.

Financial guidance

• Reaffirmed FY24 operating earnings guidance of 14.0-14.3c per stapled security and distribution of 10.5c per stapled security.

• Further financial details to be provided with FY24 results on 8 August 2024.