Australia has witnessed its largest single office deal with AMP Capital and Unisuper jointly taking a 49.9% stake in Brookfield Asset Management’s Wynyard Place, in a deal believed to be worth close to AUD900m (€599m).

Wynyard Place is a large urban renewal scheme in Sydney’s central business district, which is expected to be worth between AUD1.8bn and AUD2bn once completed.

AMP Capital and its client Unisuper, a large industry superannuation scheme, are forward funding the development, which is expected to be completed in 2020. The value of transaction was not disclosed.

AMP Capital is investing on behalf of its AUD5bn Wholesale Office Fund. Fund manager Nicholas McGrath said the acquisition was aligned with its strategy to acquire or develop next-generation prime office assets.

Carmel Hourigan, AMP Capital global head of real estate, described it as “a landmark deal” for AMP Capital.

National Australia Bank, one of Australia’s big four banks, will occupy 45% of the 27-level office tower, which will become its head office in New South Wales.

The project includes the restoration of the historic Shell House, creation of 3,500sqm of high-end retail and a revitalised laneway. It sits on top of the busy Wynyard train station, a key commuter hub for city workers.