Mirvac Group's first quarter FY25 operational update

Mirvac Group (ASX:MGR) has released its operational update for the first quarter of the 2025 financial year. The company has announced significant asset sales exceeding $0.5 billion, including properties in Melbourne and Sydney. Residential sales have increased by 33% compared to last year. Mirvac has also issued a successful AU$400 million 6.5-year green bond.

Mirvac Group's strategic outlook and operational achievements

Mirvac Group has reported a strong beginning to FY25, with major achievements in asset sales, leasing, and residential sales. The company has successfully sold key properties and is in the process of further sales. Leasing remains robust with high occupancy in the office and industrial sectors. Residential sales have increased significantly, and the build to rent portfolio is expanding. Mirvac reaffirms its earnings and distribution guidance for FY25, aiming to settle thousands of residential lots and continue asset sales. The company is focused on leveraging its strengths in asset creation and pursuing capital partnerships to drive growth and value.

Executive commentary on Mirvac's Q1 FY25 performance

We are pleased with our strong start to FY25, demonstrating our ability to execute our strategy effectively. Our asset sales program and continued leasing progress position us well for future growth. The residential sales improvement and successful green bond issuance highlight our commitment to sustainability and value creation.