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Mirvac sells 50% of Kawana Shopping World

Mirvac announced this week that it has completed the sale of a 50 per cent interest in Kawana Shoppingworld on the Sunshine Coast, QLD to ISPT Pty Ltd (ISPT).

A summary of the transaction is outlined as follows: • The total consideration for the 50 per cent interest of the asset is $186 million, based on a capitalisation rate of 5.50 per cent; • In addition, Mirvac and ISPT have entered into a fund-through agreement for the development of Stage 5B, which includes the delivery of an Event cinema and expanded dining precinct, and is expected to complete in late 2018; and • Mirvac will retain property management, leasing and development management services