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UWS property taxation and finance - Essay Example

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UWS property taxation and finance

UWS property taxation and finance

The Mirvac Property Trust has two development funding; Meadow Springs and Seascapes. The Meadow Springs Estate is a residential estate located around and within a championship golf course in Mandurah (Compton, 2000). The estate is located approximately seventy five kilometers south of the Perth Central Business District. Meadow Springs is serviced by the Mandurah railway and Perth, allowing an easy commute for the Perth workers. The area has various shops, stores, and supermarkets located within the area. Mandurah area features various recreational facilities like restaurants, cinema complex, walkways, and parks. Meadow Springs is therefore a residential development site valued at $15.8M. The Mirvac Development Fund for Seascapes is closed end, unlisted, single project fund. The investment strategy for the fund is maximizing the value of investors by offering returns the development and investment of subdivision project and quality land (Harriss, 2008). Seascapes are a residential community located in Mandurah located seventy five kilometers Perth South. The project is comprised of the development of forty eight hectare land with subunits approval for five hundred and fifty five residential Lots in addition to a Grouped Housing Site. Seascapes are extended to view the foreshore of the Indian Ocean and are celebrated by tourists and residents alike for its relaxed atmosphere, waterways, and beaches. The property type for Seascapes is a residential development site valued at $23.6M...
WACC is important for the Mirvac Property Trust because it enables the company to maintain their relationship with investors and grow their revenues. Weighted Average Cost of Capital for Mirvac Property Trust is composed of both equity financing and debt according to Mirvac Property Trust optimal mix of financing equity and debt. Weighted Average Cost of Capital has enabled the Mirvac Property Trust to make decisions about the proposed projects (Harriss, 2003). The Mirvac Property Trust came up with the above figures by computing Weighted Average Cost of Capital using the formula Weighted Average Cost of Capital = wt*rt+wp*rp +ws*rr. Where wt is long-term debt, wp is preferred stock,ws is the common stock, rt is the long term debt cost, rp is the preferred stock cost, and rr is retained earnings stock. Therefore, the projects below the anticipated Weighted Average Cost of Capital are rejected, while those above Weighted Average Cost of Capital were chosen. The weights for Mirvac Property Trust used both the historical and target proportions. The target proportions were the capital mix that the Mirvac Property Trust achieved. Internal Rate of Return The Mirvac Property Trust has a target unlevered ten years IRR Internal Rate of Return of more than 11 percent. This is because the Mirvac Property Trust maximizes the property security and income growth and maintains a portfolio that is diversified (Lindholm, 2004). Mirvac trust has also continued to raise the portfolio quality through the disposal of non-aligned asset above or at valuation. The trust has utilized the development division to come up with commercial assets that are of high ...Show more
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Summary

The paper provides a full funding analysis and interpretation for Mirvac Property Trust financial Structure. It further discusses the development funding, Average Weighted Cost of Capital, Internal Rate of Return, and management burden for the Mirvac Property Trust…
UWS property taxation and finance
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