Nakheel acquires stake in Mirvac

Dubai-based global real estate developer Nakheel has bought a 6.51 per cent stake in Australian real estate company Mirvac Group as it looks to expand internationally.

Nakheel, which has developed residential, commercial, retail and leisure sector projects in Dubai, said it is seeking potential joint venture opportunities with Mirvac.

But chief executive Chris O'Donnell said in a statement that but no discussions had yet taken place with Mirvac's management.
"The investment represents a strategic holding and we expect to be a long-term partner," he said.
"We believe there are many potential opportunities for Mirvac and Nakheel to work together.
"As Nakheel looks to move forward its international mandate, it makes perfect sense to look at the possibility of joint developments with a like-minded company.
"I believe there are exciting possibilities ahead for both groups," Mr O'Donnell said.

Mirvac was not available for comment.

However, the company has been the subject of recent takeover speculation.
Earlier this month, developer Lend Lease Ltd confirmed it had held confidential talks with Mirvac about joint ventures.
Mirvac said at the time that there was no certainty that any transaction would result from the discussions.
Mirvac in September reported a 26.1 per cent rise in annual profit to $556.1 million for 2006/07.
The group said it was seeking opportunities to expand and potential joint venture partners.
Nakheel is developing projects in Dubai which are collectively worth about $US60 billion ($A70.06 billion).
Mirvac's stapled securities ended down five cents to $6.04. Source