Dexus Real Estate Partnership (DREP), an opportunistic strategy managed by Dexus, has formed a partnership with Australian property developer Thirdi to develop a A$300m (€169m) residential project in Sydney.

The joint venture will develop a 178-unit resort-style retirement village on a one-hectare site at the Merewether Golf Club in Newcastle.

Luke Berry, director and co-founder of Thirdi Group, said: “As a joint venture partner, DREP plays a critical role in providing capital funding to support the development, recognising the strength of our expertise in executing large-scale projects in the living sector.”

Development approval has been obtained, and enabling works are under way, with construction due to start later this year and completion expected by late 2027.

Dexus, Australia’s largest office landlord, branched into residential in 2021 with the DREP series of funds.

DREP2, a closed-ended opportunity fund, was launched in 2023. It raised A$300m in the first close and is currently raising capital for its second close due in the second half of this year.

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