MGR Mirvac Group

   By Rhiannon Hoyle 
 

SYDNEY--Mirvac Group (MGR.AU) Friday launched a 400 million Australian dollar (US$403 million) share issue to help fund the acquisition of seven office properties from GE Real Estate Investments Australia.

Mirvac will acquire the assets from GE for A$584 million, underscoring a strategic shift for the Sydney-based property group as it seeks to grow its commercial portfolio through the acquisition and redevelopment of high-grade city real estate.

The equity raising was announced at a price of A$1.69 per security, a 3.2% discount to Mirvac's last closing price of A$1.745 per security, it said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

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