Mirvac Group (AU:MGR) has released an update.
Mirvac Group reported a full-year operating profit of $552 million for FY24, a slight 5% decrease from the previous year, but in line with expectations. Despite a statutory loss and a decrease in net tangible assets, the company achieved significant milestones including $1 billion in non-core asset sales and strategic investments such as acquiring a 47.5% interest in the Serenitas land lease community. These moves, alongside maintaining a 97% occupancy rate and strong leasing activity, highlight Mirvac’s ability to navigate a challenging environment and leverage its development strengths.
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