Suncorp’s big move

MIRVAC has confirmed it has won banking and insurance group Suncorp as anchor tenant for a new $800 million plus Brisbane office tower that will feature a roof terrace and “breathing floors”.

The developer also secured the backing of the Asia Pacific core fund of M&G Real Estate which will pay $418 million for a 50 per cent stake in the project on a tight capitalisation rate of 5 per cent.

Suncorp will consolidate its staff from three sites into a single headquarters, taking more than 39,600 sqm of space.