Mitsubishi Estate Asia (MEA) has entered into a funding partnership in Australia with McNab Group and Ray White Capital (RWC) to develop a A$175m (€98m) luxury residential project.
The Elements Budds Beach project in Gold Coast, is the first investment of the RWC McNab Residential Living Development Fund Series I, which was launched to accelerate the delivery of quality apartments in southeast Queensland.
The investment marks MEA’s first residential investment in the Gold Coast, adding to the Japanese investor existing portfolio of Australian projects with partners like Lendlease and Mirvac.
Yosuke Matsunaga, executive director and head of Australia, MEA, said Australia continues to be a key focus in the firm’s international strategy, and the “Gold Coast represents a dynamic next step in our regional expansion”.
Matsunaga added: “As Mitsubishi Estate continues to expand its investments in Australia, the decision to partner with McNab and Ray White Capital was a natural fit. Their outstanding track record of successful project delivery and strong performance across varied market conditions speaks for itself.”
Michael McNab, founder and executive chairman, McNab Grouop, said tthe partnership reflected growing confidence from institutional capital in south east Queensland’s property market, and highlighted the appeal of end-to-end delivery models in an environment of rising construction costs and the need for greater delivery certainty.
“This partnership brings together international capital, local delivery expertise and a deep understanding of Queensland’s housing market,” he added.
Dan White, executive chairman of Ray White Capital and MD of the Ray White Group, said: “Our well-established partnership with McNab across debt and equity dates back to 2005 and over that time we’ve seen first hand, their ability to consistently deliver high-quality outcomes across a range of market conditions.
“This joint venture is the next chapter in that long-standing partnership. As McNab continues to scale its vertically integrated development and construction model, we’re actively looking to support its expansion journey through projects like this one.”
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