Mirvac Group's Willoughby site. (Photo: Google Maps)

Mirvac Group has entered into an agreement to acquire the site currently occupied by Nine Entertainment Co. in Willoughby.

The property is being acquired from LEPC9, a joint venture between Australia’s Lotus Property Fund and Hong Kong-based fund managers, Euro Properties.

The site has a concept plan approval for the development of 460 new dwellings and approximately 6,000 square metres of public open space.

Mirvac Group has also entered into an agreement to acquire the TX Australia transmission property which adjoins the Nine Entertainment Co. site.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.