Mirvac Group signed a call and put deal to pay A$79 million for the purchase of two prime neighboring sites in the central business district of Brisbane, Australia, from Singapore-listed Wee Hur Holdings Ltd., The Australian Financial Review reported.
The agreement for a total of more than 0.5 hectare of sites is subject to an approval from Wee Hur shareholders and Mirvac securing Suncorp Group Ltd. as the tenant for a new office tower on the site.
If the Singaporean company's shareholders approve the deal, Mirvac can exercise its call option by May 31, 2018, or Wee Hur can exercise its put option within 14 days of Mirvac securing a letting with Suncorp. Mirvac's option can be extended for a three-month period if it files a development application for the site, the Dec. 7 report noted.
If the agreement fails to go through, a previous deal between the two companies will take effect, where Mirvac will acquire the 3,690-square-meter site on Ann Street for A$65 million. Meanwhile, Wee Hur will keep the 1,788-square-meter site on 71-97 Turbot St., on which it seeks to construct a 36-story student housing tower of 900 rooms, the publication added.