Oxford Properties and Investa have formed a partnership with Mitsubishi Estate to develop a A$1.6bn (€1bn) office building in Sydney, Australia.

Under the terms of the joint venture, Mitsubishi Estate will acquire a 25% interest in the Parkline Place development, with Oxford retaining 75%. 

Although the parties did not disclose the value of Mitsubishi Estate’s investment, based on forecast completion value, the investment could be worth around A$400m, according to industry sources.

The project is due to be finished in the first quarter of 2024.

Yuzo Nishiyama, the head of Australia, Mitsubishi Estate Asia, said: “We are truly excited to be a part of such a transformational project for Sydney, and look forward to expanding our relationship with Oxford and Investa as we work together to deliver Parkline Place”.

Alec Harper, Oxford Properties’ head of Australia, said the partners were committed to delivering “a project that we believe will redefine the modern workplace in Australia.”

Penny Ransom, CEO of Investa, said Parkline Place, located in the vibrant heart of the central business district, would provide a leading new generation workplace for future tenants.

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