Mirvac reveals club-fund plan Mivac's chief executive Susan Lloyd-Hurwitz Photo: Peter Braig MIRVAC's new chief executive, Susan Lloyd-Hurwitz, has signalled the idea of creating a series of "club" funds that will have a variety of co-investment parties. Speaking at the group's half-year results, Ms Lloyd-Hurwitz said the funds would comprise assets in which a range of super funds and local and overseas investors all had a stake. When asked about any possible takeover activity with Australand, she said Mirvac was looking at a range of options as part of a strategic review. Following the news last week of asset impairments of $273.2 million, Mirvac reported a profit of $194.2 million, down 4 per cent, for the six months to December 31. After the impairments and other asset revaluations, the statutory profit was down 69 per cent to $55.2 million. An interim dividend of 4.2¢ was declared. Ms Lloyd-Hurwitz reaffirmed Mirvac's full-year operating earnings guidance of 10.7¢ to 10.8¢ a security and distribution guidance of 8.5¢ to 8.7¢. "Mirvac is currently progressing the opportunity to establish an office club and will also consider establishing a residential club at the appropriate time," she said. Our decision to initially focus on the office sector is based on our existing specialist office investments and our office development pipeline. The managing director of Maxim Asset Management, Winston Sammut, said the results were in line with expectations and investors would now focus on management delivering on its outlook.