Mirvac withdraws interest from Australand acquisition as Apollo takes a look
Mirvac has reportedly withdrawn from any acquisition bids of Australand Property Group, preferring to concentrate on smaller acquisitions, The Australian Financial Review’s Street Talk suggests.
It does not want to battle with GPT Group – the only other party to have submitted a bid for the company.
The supposed withdrawal of Mirvac will put the pressure on the trust whose principal shareholder, Capitaland from Singapore, wants to exit the business.
GPT put in a $3 billion bid for the company in December but it was quickly rejected after it became apparent it was merely cherry picking the best bits of the trust.
Mirvac is reportedly looking at a $575 million property portfolio on offer by US giant General Electric.
While Mirvac withdraws its interest, Apollo Global Management has reportedly stepped into the arena, joining Blackstone and Brookfield which have both been spotted in the data room.
Capitaland owns a 60% stake in Australand and wants to exit the trust, but any takeover must be agreed to by the board.
The group is being advised by Fort Street and Macquarie.
