It was in February 2022 that then Mirvac CEO Susan Lloyd-Hurwitz said the country’s largest diversified developer was looking to follow Stockland, Ingenia Communities, Lifestyle Communities, Aspen Group, Palm Lake Resort, Serenitas and Hometown Australia into land lease developments.
In October last year it was announced Mirvac and Pacific Equity Partners Secure Assets had agreed to pay $1.01 billion, for a 47.5% ownership each, with Serenitas CEO Rob Nichols’ Tasman Capital Partners keeping 5%.
On Saturday, Mirvac announced the deal had been completed.
Mirvac seeks lower digit growth in Serenitas deal
“This acquisition expands our residential offering, propelling Mirvac to become one of the largest owners in the attractive land lease community sector, and the only residential developer in Australia delivering across the spectrum of housing typologies from rental housing, build to rent, land lease, house and land, medium density and high density living. The Serenitas business is one of the leading operators in Australia. We are delighted to be partnering with PEP and Tasman and congratulations to all involved in completing this transaction," Mirvac’s Group CEO & Managing Director, Campbell Hanan, said.
Last month, Mirvac said Serenitas had secured options to acquire a further two communities with 494 potential sites and achieved 391 new home sales in 2023. Serenitas owns and operates 27 communities with over 6,200 sites, including 4,360 operational sites and 1,890 development sites (98% development application approved).
Stephen Gould, Mirvac’s Land Lease Communities General Manager, previously said it had identified one site plus another “six to eight sites” on land it owns for land lease development. At IH24 announcement Mirvac said it had exchanged contracts for a new, unidentified, 7200-lot master planned communities project in Queensland.
