Mirvac Retail owns and manages a dynamic and growing portfolio of shopping centres across Australia’s eastern seaboard with a strategic focus on growth assets in key urban and metropolitan markets. Every aspect of our business is geared towards creating value for our stakeholders and delivering highly relevant and engaging experiences for our customers.
Incorporating over 400,000 square metres of retail space and more than 1,600 retailers, Mirvac’s centres have strong positions in their local markets with geographic, retail and economic diversity providing a consistent income stream. The centres are located in prime trade areas, anchored by long-term tenancies with key retailers and incorporate a wide range of retailers with a specific focus on dining, leisure, fashion and entertainment.
Mirvac Retail’s portfolio strategy has been to increase our exposure to key urban and metropolitan markets while divesting out of our regional markets with weaker long term investment fundamentals.
We have successfully executed this strategy with the acquisitions of Harbourside, Birkenhead Point Outlet Centre, East Village and Toombul Shopping Centre and the divestment of Orange City Centre, Gippsland Centre, Hinkler Central and City Centre Plaza Rockhampton. This strategy recognises that key metropolitan locations have a number of attractive investment attributes including continued urbanisation, high barriers to entry, densely populated catchments, deep employment markets and high household wealth. As a result, Mirvac is able to generate significant management synergies with a 72% portfolio exposure to urban and metropolitan Sydney locations.
With over $1 billion in the development pipeline and the recent acquisition of $1.2 billion in strategically located urban assets, further plans are in place to grow our urban portfolio through acquisition and development.
As part of our commitment to creating value for our customers, Mirvac Retail has spent approximately $400 million redeveloping our assets since 2014. During that time we have delivered a number of unique and highly innovative retail spaces, and we are continuing to explore new and exciting ways to realise the full potential of all our assets.
The Mirvac Retail portfolio continues to outperform the IPD benchmark against our peer group for Total Returns on a 1, 3 and 5 year basis, testament to our investment management capability and commitment to our customers.