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MGR`s Ann:To Issue $500m AAA - Rated Bonds

Document date:  Wed 14 Feb 2001
Published:  Wed 14 Feb 2001 09:57:58
Document No:  228549
Document part:  A
Market Flag:  N
Classification:  Issued Capital - Other

MIRVAC GROUP                                  2001-02-14  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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The Mirvac Group today announced that it was set to issue the
largest-ever commercial mortgaged-backed securitisation (CMBS) in the
Australian capital market to date. The proposed $500 million,
five-year, AAA rated CMBS is also the largest single issue rated debt
raising by an Australian LPT.

Mr Dennis Broit, Mirvac Group Finance Director said, "The purpose of
the proposed raising is to replace the majority of the Group's
current bank funded debt, which will significantly reduce the cost of
capital to the Group and provide a longer term maturity for the
Group's borrowing program."

"As an internally managed Group our primary objective is to continue
providing stable and growing returns for our investors. By
efficiently managing the costs of our business, and that obviously
includes the cost of our capital, we are able to effectively increase
our returns and achieve our objectives."

ANZ and Westpac will be the joint leads to the issue with CBA and
Merril Lynch as co-managers.

The transaction has been assigned a preliminary AAA rating by Standard
& Poor's under its commercial mortgage-backed securitisation
criteria, and is underpinned by the strength and security of the
underlying cashflows of 26 of the Group's high quality properties
within its diversified portfolio.

FURTHER INFORMATION

Contact - Mirvac Group 
David Mann
GROUP CORPORATE RELATIONS MANAGER
Ph 02 9080 8516 
Mob  0411 268 448