The Mirvac Group has announced the establishment of an industrial trust in the US valued at approximately $487 million and to be listed on the Australian Stock Exchange.
The trust, which will be managed by Mirvac subsidiary James Fielding Funds Management, has bought a 95 per cent interest in an industrial portfolio from CentrePoint Properties Trust, which will be settled in four stages between May 2005 and February 2006.
The portfolio compromises 41 properties and is located in or adjacent to the Chicago region.
Mirvac will take a 4.9 per cent interest in the ASX listed trust, and the IPO is fully underwritten by JP Morgan. A product disclosure statement is expected to be lodged with ASIC this week.