Mitsubishi Estate Asia has taken a stake in a A$193m (€116m) luxury residential project in Australia being developed by the McNab Group, and funded by a Ray White Capital-managed development fund.
Yosuke Matsunaga, executive director and head of Australia, Mitsubishi Estate Asia, said the Tannery project represents the firm’s first apartment development project in Brisbane.
“Mitsubishi Estate has expanded its Australian operations, primarily in Sydney and Melbourne. The company has announced the development of more than 8,000 residences in Australia, across more than 10 apartment projects and additional rental housing initiatives.”
The Tannery follows the trio’s first collaboration in the A$175m Elements Budds Beach residential development on the Gold Coast.
Michael McNab, founder and executive chairman, McNab Group, said: “The Brisbane investment further strengthens the partnership, bringing together international financial backing, capital investment expertise and McNab’s 30-year track record of developing and building award-winning projects in the local market.
“This second joint venture demonstrates growing confidence in both the Brisbane property market and McNab’s ability to deliver certainty,” Michael McNab said.
Dan White, founder and executive chairman of Ray White Capital and managing director of the Ray White, said: “Securing Mitsubishi’s backing for a second time is a tremendous vote of confidence in the fund, and we are delighted to extend our tripartite alliance with MEA and McNab Group.”
To read the latest IPE Real Assets magazine click here.
