LAWYERS Allens has advised Mirvac on its acquisition of a A$333.5 million build-to-rent project in Melbourne’s CBD from PDG.
The 490-unit residential tower is located opposite the Queen Victoria Market and is part of the A$450 million renewal of Melbourne’s famous inner-city precinct. This is Mirvac’s second BTR project in Australia, following its initial investment at Sydney Olympic Park.
Allens’ partner David McLeish and managing associate Tim Chislett led the team who handled this transaction.
“We were thrilled to advise Mirvac’s specialist BTR team on this landmark, ‘first-of-a-kind’ transaction,” Chislett said. “Build-to-rent is set to revolutionise the way people live in our future cities. As a firm, we have a strong belief in the build-to-rent sector and we are proud to work with Mirvac, Australia’s leader in the space.”
The Munro build-to-rent project follows Mirvac’s A$750 million equity raising, which Allens also advised on, led by partners Julian Donnan and Kate Towey.
Australian Property Journal