Mirvac has launched a $750 million placement with the property group eyeing the top end of its FY19 guidance and looking to lay the foundations for more success.

The company announced on Wednesday it would undertake an equity raising comprising of a fully underwritten institutional placement to raise $750 million, and a non-underwritten security purchase plan to raise up to $75 million.

Mirvac requested a trading halt on Wednesday ahead of the announcement, with the halt expected to remain until Thursday.

The move comes as Mirvac appears to be to weathering a wider property market downturn, with the group expecting to hit the top of its FY19 earnings guidance at 17.1 cents per share.

Chief executive and managing director Susan Lloyd-Hurwitz said the new equity will be used to repay debt and provide certainty of funding to activate Mirvac’s $4 billion commercial development pipeline.

“We are pleased to announce that we are expecting to deliver at the top end of our FY19 (earnings per share) guidance range and we believe now is the time to undertake an equity raising to position Mirvac for future growth,” Ms Lloyd-Hurwitz said.

Mirvac said the $750 million institutional placement will be delivered at a fixed price of $2.97 per new stapled security, which represents a 4.2 per cent discount to Mirvac’s closing price of $3.10 per stapled security on Tuesday.

The company’s Australian and New Zealand shareholders will also have an opportunity to participate in the non-underwritten SPP, and will be invited to acquire up to $15,000 of new shares at $2.90 per share.

The company lifted first-half profit 39 per cent to $648 million and in February said demand for its residential developments were holding up amid the housing market decline.

Mirvac shares have gained nearly 40 per cent so far this year.