NEX Property, a property developer, majority-owned by Japanese property group Asahi Kasei Homes, has invested A$180m (€108.6m) to secure development sites for residential projects in Australia.
The sites in Sydney and regional NSW will provide the developer with a pipeline of more than 900 homes across five development sites for NEX Property’s building partner NEX Building Group and the broader construction sector.
The sites in Greater Sydney and regional New South Wales will provide a pipeline of more than 900 homes across five locations for NEX Property’s building partner, NEX Building Group.
NEX Property’s most recent acquisition is a site on more than 30 hectares, located in the heart of the West Dapto Growth Area, in New South Wales outside the Sydney region.
Nadim Akari, NEX Property general manager, said the sites had been secured in Sydney and in regional markets in the Lower Hunter and Illawarra.
“We reviewed over 230 opportunities, progressed 60 through detailed due diligence, and ultimately transacted on five. This is a strike rate of around 2%. We intend to carry that same level of discipline forward,” Akari said.
He added the company had so far lodged two development applications for sites in the Hunter and Illawarra regions, which will collectively deliver close to 300 dwellings.
In 2017, Asahi Kasei Homes, part of the Japanese diversified conglomerate Asahi Kasei Group, acquired 40% of the NEX Building Group.
It increased its stake by a further 40% in 2021, leaving Andrew Helmers, the Australian company’s managing director with the remaining 20% share in the company.
To read the latest IPE Real Assets magazine click here.
