Australian property developer Mirvac and Japan’s Sumitomo Corporation have entered into a 50-50 joint venture to develop a A$830 million (€498m) residential project in Sydney.

This is Sumitomo Corporation’s first property investment in Australia and the commencement of a long-term partnership with Mirvac, according to a joint statement.

Known as Highforest, an existing project currently underway in Sydney’s north, the development will have 65 detached and attached houses, 249 apartments, and public amenities.

Mirvac’s group CEO and managing director, Campbell Hanan, said: “This joint venture is in line with our strategy to expand capital partnerships to support our capital requirements and accelerate the launch of projects to create value across our development pipeline.

“We have a strong track record of securing aligned capital partners to deliver a number of residential, commercial and mixed-use projects across the country and we are delighted to welcome such a highly regarded organisation to partner with us on this exciting residential project.“

Group CEO of Diverse Urban Development Group, Sumitomo Corporation, Yukihito Honda, said “this joint venture a very natural fit”.

Honda added: “This collaboration combines our capital strength with Mirvac’s expertise in delivering high quality residential developments. We look forward to a successful venture that will benefit future residents, the community and stakeholders alike.”

Construction at Highforest has commenced, with completion forecast for 2028.

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