Mirvac Group entered into a binding agreement to buy 490 completed build-to-rent apartments in Melbourne from developer PDG for A$333.5 million.

The properties are in the Munro development within the Queen Victoria Markets.

The deal, subject to conditions, follows the company's first build-to-rent development at Sydney Olympic Park in New South Wales, Australia, which will begin leasing in June 2020 and is due to be completed in September 2020.