Listed Property Trust in Australia (Mirvac Group)

1. Listed quality verify

2. Mirvac group

2.1 Brief History

Mirvac congregation is a leading change proportion group in Australia with a market capitalization more than $4 billion. It was established in 1972 and, today, its investment property portfolio is spread all across Australia (Mirvac collection, 25 March 2005).

         superstar of the most important facts in Mirvac Groups history was happened on 15 June 1999 when the former three Mirvac entities (Mirvac Limited, Mirvac Property Trust, and Capital Property Trust) concord to merge and form a Mirvac Group stapled security. Then, this stapled security was formally listed on the ASX on 30 June 1999. Furthermore, since 13 September 2002, the coordinate of the Mirvac Group has been further simplified when a Mirvac Group stapled security is, now, made up of only Mirvac Limited and Mirvac Property Trust (Mirvac Group, 25 March 2005).

2.2 Composition and Activities

        The apportionment percentages of each entity in Mirvac Group stapled security is shown in the following table (Mirvac Group, 25 March 2005).

Dates         Mirvac Limited         Mirvac Property Trust         Capital Property Trust

01/07/99 - 12/09/02         32.10 %         39.20 %         28.70 %

13/09/02 - 04/10/04         26.50 %         73.50 %         00.00 %

05/10/04 - current         28.30 %         71.70 %         00.



00 %

        Meanwhile, for the Mirvac Group activities itself, in the past couple years, it can be find that top-end apartment building has become the biggest contributor of the groups revenue. For example, the sales of nine out of twelve million-dollar apartments at a Sydney waterfront development that Mirvac Group had last years with sale prices ranging from $1.38million to $1.93million each (Pettafor, 2004).

However, due to the slow up apartment market in the recent period, it is reported that Mirvac Group would shift its focus from apartment to housing sector and likewise non-residential sectors. This is buttressed by...

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