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JUNIPER SELLS MANAGEMENT RIGHTS TO MIRVAC FOR $13 MILLION

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The Juniper Group today announced the sale of the management rights to its two Sea Temple Resort & Spa properties in tropical North Queensland and The Sebel Maroochydore property on the Sunshine Coast to Mirvac Hotels for $13 million.

The management rights to the three properties were developed and retained by Juniper Group as a hotel asset managed by Mirvac Hotels.

The sale covers a total of 310 apartments under management at Sea Temple Resort & Spa Palm Cove, Sea Temple Resort & Spa Port Douglas, and The Sebel Maroochydore.

Shaun Juniper, joint managing director of Juniper Group, said all three properties are performing exceptionally well and would continue to grow their prominent market presence under the management of Mirvac Hotels.

He said Juniper Group and Mirvac Hotels had developed a strong working relationship, but the full transfer of managements rights to Mirvac Hotels allowed both companies to concentrate on their core business strengths.

"This is a win-win deal for both companies and also for the three properties, which will continue to build on their stunning early success under Mirvac's management. This sale also enables Juniper Group to fully focus on its core business of property development, particularly the Soul Surfers Paradise development on the Gold Coast."

Soul Surfers Paradise is a showpiece property of the privately-owned Juniper Group – a fully integrated development company which boasts more than $2 billion worth of projects and strategic landholdings currently under development or scheduled for future construction in key coastal tourist precincts on the eastern seaboard, including the Gold Coast, Sunshine Coast and North Queensland.

Juniper also has a $200 million portfolio of blue-chip retail and commercial properties in Queensland's most sought-after beachfront locations.

The Sea Temple Resort & Spa properties have set a new benchmark for premium resorts in tropical North Queensland, highlighted by Sea Temple Resort & Spa Palm Cove winning the ‘Best New Resort' award and ‘Best Resort' award during the last 12 months. Sea Temple Resort & Spa Port Douglas opened this year and has already met with an exceptional response form visitors.

The Sebel Maroochydore, which opened in 2004, is a landmark property that has bought the iconic Sebel hotel brand and its upmarket standards to the central Sunshine Coast.

Mirvac is a leading integrated, ASX-listed, real estate group with more than $22.2 billon of activities under control across the real estate, funds management and hotel management spectrum.  Established in 1972, Mirvac has more than 30 years of experience in the real estate industry and has an unmatched reputation for delivering quality products and services across all of its businesses.