Lendlease Forms New Joint Venture for Sydney Residential Project

Lendlease Forms New Joint Venture for Sydney Residential Project

Australia: Mitsubishi Estate Asia (MEA) and Nippon Steel Kowa Real Estate (NSKRE) have entered into a joint venture with Lendlease to undertake a residential development in central Sydney, Australia, valued at approximately AUD 2.5 billion (USD 1.7 billion). Lendlease recently acquired the site, located at 175 Liverpool Street, from a Chinese investor. The proposed development will feature two residential towers comprising around 300 apartments along with retail space. Construction is scheduled to commence in 2027. As part of the agreement, MEA will hold a 33% equity share in the project, while NSKRE will hold 17%.

This marks the seventh collaboration between Lendlease and MEA, with previous joint ventures including One Sydney Harbour, One Circular Quay, One Darling Point, and East Tower residences at Melbourne Quarter. It is also the second partnership between Lendlease and NSKRE, who are currently working together on a build-to-rent project, 899 Collins, at Victoria Harbour in Melbourne, which is under construction.

Source: IPE Real Assets