Mirvac Group has maintained momentum across its business operations in the third quarter of 2026, with the real estate developer and fund manager delivering strong residential sales activity, solid investment portfolio performance, and continued capital raising success across its funds platform. The company reiterated full-year FY26 guidance, signalling confidence in its ability to deliver on strategic objectives despite acknowledging risks from Middle East geopolitical tensions.
Residential sales remain a key strength for the business, with the company recording 1,896 sales for the financial year to date, representing a 28 percent increase year-on-year. The third quarter alone saw 592 sales, up 12 percent from the prior year period. More significantly, residential pre-sales increased 13 percent to approximately $1.8 billion, reflecting strong demand particularly in New South Wales middle ring markets, Queensland, and Western Australia. Land lease sales also performed well, reaching 428 sales year-to-date, up 42 percent year-on-year, with 130 of those recorded in the third quarter.
The investment portfolio continues to underpin Mirvac’s earnings visibility, with the company maintaining an impressive 97 percent occupancy rate across its stabilised portfolio. The business achieved over 90,000 square metres of leasing activity with positive leasing spreads of 6.8 percent, demonstrating the quality and desirability of its asset base. Completion of the Aspect Industrial Estate in Sydney is generating new income streams, with both Aspect North and South now substantially leased. The company’s build-to-rent assets are also leasing well, creating additional diversification in the investment income mix.
Capital management remains a point of strength, with Mirvac raising approximately $200 million for its Mirvac Wholesale Office Fund in the quarter, taking total fundraising to $630 million equivalent over the past 12 months. The company also cleared an additional $175 million in secondary market transactions. On the debt side, Mirvac strengthened its balance sheet by issuing $300 million of 10-year medium-term notes at a margin of 133 basis points, while simultaneously securing $300 million in interest rate hedging through caps, demonstrating prudent risk management in the current interest rate environment.
Management’s commentary indicates selective caution regarding project deployment and liquidity protection, reflecting awareness of potential supply chain disruptions and broader economic uncertainty. However, active development sites remain on schedule, and the company has secured additional development opportunities and is progressing planning approvals. The acknowledgment that some selected projects have experienced recent sales moderation warrants monitoring, though management suggests overall market fundamentals remain solid with strong enquiry levels.
Investors should watch for quarterly updates on construction progress across major projects, any further capital raising outcomes for the funds platform, and residential sales trends as the financial year progresses. The company’s ability to maintain investment portfolio leasing momentum and execute its development pipeline will be critical to delivering on FY26 guidance. This announcement has been classified as price sensitive and flagged as material by the ASX.
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