The real estate arm of Australian superannuation fund Cbus Super has acquired a 50% stake in a timber hybrid skyscraper project in Australia with an estimated end value of A$1.8bn (€1bn).
Cbus Property has formed a joint venture with Milligan Group to develop the Halo skyscraper in Sydney, which will deliver approximately 42,000sqm of office and retail space.
Construction of the main works is anticipated to begin in late 2026, with practical completion in 2030.
Adrian Pozzo, Cbus Property’s CEO, said: “This acquisition is a strong reflection of our strategy to secure well-located commercial assets that respond to future customer demand. Cbus Property is one of Australia’s leading integrated property investors and developers with a property portfolio of more than A$7bn and a development work in hand of A$4bn.
“It supports our portfolio reweighting to Sydney and continues our track record of delivering high-quality developments that capture market uplift through timing and delivery excellence.”
Pozzo said the investment in the project reflects Cbus Property’s” confidence in the long-term strength of the Sydney office market, as well as our commitment to delivering premium, future-focused workplaces for our stakeholders and tenant customers.”
James Milligan, Milligan Group’s managing director, said: “Our partnership with Cbus Property and contractor Multiplex reflects Milligan Group’s collaborative approach and commitment to delivering exceptional outcomes for our prospective tenants, investors and the broader Sydney community.”
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