PAYCE Consolidated Limited (“PAYCE”) [ASX:PAY] is pleased to announce that it has entered into
documentation to joint venture with Mirvac Group (“Mirvac”) [ASX:MGR] in the East Village retail
and commercial centre situated at Zetland, Sydney, for a consideration of $154.7 million.
Completion of the transaction remains subject to certain conditions which, when satisfied, will occur
in the 2nd half of 2016.
PAYCE completed the East Village mixed‐use project in October 2014. The centre is anchored by
Coles, Audi and Virgin Active and supported by over 40 speciality eating, lifestyle and service
oriented retailers and a small number of commercial tenants.
Brian Boyd, PAYCE Chairman said “PAYCE is pleased to partner with Mirvac, a market leader in the
Australian property sector, on this unique award winning mixed use retail and commercial asset.
East Village is performing well in excess of benchmarks and demonstrates PAYCE’s ability to
successfully deliver complex and integrated developments which are now in demand by the
community and investor groups alike.”
PAYCE will continue to update the market as the transaction progresses.
