(Reuters) - Australian property developer Mirvac Group said on Monday it had entered into a binding agreement with property developer PDG to buy completed build-to-rent apartments in Melbourne for A$333.5 million ($231.6 million).
The acquisition of 490 apartments within the Queen Victoria Markets marks Mirvac's entry into the Melbourne build-to-rent market following its maiden project at Sydney Olympic Park in 2017.
Mirvac's CEO & Managing Director Susan Lloyd-Hurwitz said in a statement that the build-to-rent space will deliver a secure and valuable revenue stream and a growing customer base.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Jacqueline Wong)
