Mirvac Group, a diversified property investment and management group in Australia, will open an office in Dubai by year-end to increase its exposure to the burgeoning Middle East property market.
Discussions were being held with Nakheel on residential, commercial and retail developments – largely where it can add intellectual capital, according to Mirvac Managing Director Greg Paramor, as reported by The Australian.
“There are opportunities to redeploy people and capital. We thought Dubai was not for us: why go in there when lots of people were doing it? The reason we are now wanting to go there is the partnership with Nakheel,” he added. Nakheel’s Chief Executive Officer, Chris O’Donnell, had told Emirates Business that Nakheel was looking to capitalise the “intellectual capital” of Mirvac.
“We see an opportunity for them and us to enter Australia, Dubai and other parts of the world through joint ventures,” he said.
“From our perspective, we may be utilising their design and development skills when it comes to residential units, as they are Australia’s largest residential developers. They have some innovative designs, which we think we can benefit from by including them in some of our developments.”
According to O’Donnell, the investment in Mirvac was to show Nakheel’s interest in their business, which could lead to further joint venture development works with them. In January, Nakheel raised its stake in Mirvac to 12.5 per cent. The firm, along with Mirvac and Leighton, is bidding for a major waterfront site in Sydney called East Darling Harbour.
Mirvac has also signed a memorandum of understanding with Abu Dhabi conglomerate Al Badie Group. Last month, Abu Dhabi-listed Sorouh Real Estate and Goodman Group, an Australian integrated global industrial property group, entered into a joint venture agreement for development and management of business and logistics parks in the Gulf Co-operation Council states.
Australian real estate group to set up shop in Dubai