Mirvac Group

Description

Mirvac Group (ASX:MGR), a real estate investment, development and investment management company, was founded in 1972. This is an Australian Securities Exchange (ASX) top 50 company and the first Australian property group to be net positive in carbon for scope 1 and 2 emissions. Mirvac owns and manages properties in the office, retail, industrial, and build-to-rent sectors in its investment portfolio. In addition to managing assets worth over AU$26 billion, the company also has development pipelines for commercial and mixed-use projects worth AU$12.4 billion and residential projects worth AU$17 billion. These assets give the business the ability to provide clients with the high-quality property while generating long-term value for its stockholders. According to Mirvac's (ASX:MGR) comprehensive financial report for 2022, the business generated an operating profit after tax of AU$596 million, an increase of 8% over FY21's AU$550 million. Operating earnings before interest and taxes (EBIT) for the company was AU$773 million, an increase of 10% from AU$704 million in FY21. According to Mirvac (ASX:MGR), it expanded its investor base, accelerated its funds’ management strategy, and added new accretive income streams after securing the management rights to AWOF after year-end. The AU$7.7 billion investment portfolio of the fund is contemporary, sustainable, and of the highest calibre. It complements its investment philosophy, Mirvac says.