James Fielding takes control of Mirvac

Property developer Mirvac Group has offered to take over listed property trust James Fielding Group in an all-scrip bid valued at $478 million. The merger would make Mirvac the fourth-largest listed property trust in Australia with a market capitalisation of $3.8 billion. Greg Paramor, managing director of James Fielding, will run the merged entity. Paramor said that James Fielding was constrained by the size of its smaller balance sheet.