Mirvac & PEP Acquire Serenitas

Mirvac in a Joint Venture with Australian Private Equity firm Pacific Equity Partners (‘PEP’) recently announced they entered into a binding agreement for the acquisition of the Serenitas Portfolio, for a total consideration of $1.01 billion. The structure will be a Joint Venture in which Mirvac and PEP hold ~47.5% ownership each, with the remaining minority interest held by Tasman, an existing co-owner. The transaction comprises 27 assets nationally, consisting of ~6,256 sites in total (both operational and development sites). The acquisition is the largest transaction to date within the LLC sector.