Mitsubishi Estate Asia (MEA) and Nippon Steel Kowa Real Estate (NSKRE) have entered into a joint venture with Lendlease to develop a A$2.5bn (€1.4bn) residential project in Australia.
Lendlease secured the site at 175 Liverpool Street in central Sydney this month from a Chinese investor and plans to develop twin towers offering some 300 apartments and retail space. Construction is expected to begin in 2027.
Under the terms of the agreement, MEA will take a 33% equity share in the joint venture, with NKSRE taking 17%.
The project Sydney marks the seventh partnership between Lendlease and MEA. Their other joint ventures include One Sydney Harbour, One Circular Quay and One Darling Point in Sydney, and East Tower residences at Melbourne Quarter.
It is the second venture between Lendlease and NSKRE. The Japanese group is the partner in Lendlease’s build-to rent development 899 Collins at Victoria Harbour in Melbourne, currently under construction.
Tom Mackellar, CEO Development, Lendlease, said: “We look forward to working alongside our trusted development partners, Mitsubishi Estate Asia and Nippon Steel Kowa Real Estate, on this landmark development in one of Sydney’s most sought-after locations.”
Yosuke Matsunaga, head of Australia, Mitsubishi Estate Asia, said: “We are excited to collaborate with both Lendlease and NSKRE on this landmark project at 175 Liverpool Street – a rare opportunity to deliver a world-class residential address in one of Sydney’s most prestigious locations.
“This partnership reflects MEA’s long-term commitment to the Australian market and our continued confidence in the strength of Sydney’s luxury residential sector,” he added.
Itaru Ishihara, managing director international business division, Nippon Steel Kowa Real Estate said: “We are pleased to collaborate with Lendlease and Mitsubishi Estate Asia, both distinguished for their leadership in Australia’s premium condominium market.
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