Mirvac has decided to sale its unlisted Mirvac PFA Diversified Property Trust to Brisbane-based Australian Property Growth Fund (APGF). Market experts believe that the company may have taken such steps to rationalize its portfolio. Mirvac has raised $350 million through an institutional placement to help fund future acquisitions.

The APGF deal came just after that. However the terms of the sale has not been disclosed yet. The managing director of Mirvac, Nick Collishaw has expressed his contentment on the deal.

He has informed that now APGF will be wholly responsible for the Trust and it has been expected that all the transactions will be clear up by the end of this month. He has also anticipated that the deal will undoubtedly help Mirvac PFA investors.

The Australian Property Growth Fund is capable and has huge lot of experience in funds management. The firm has also become a leading player in the Australian real estate.

However, it has also been expected that the company will go for another possible takeover of the Westpac Office Trust by the cash raised from APGF deal.