Property management and development company, Lendlease (ASX:LLC):
and Mitsubishi Estate Asia have formed a joint venture to acquire the One Circular Quay development in Sydney for c.$800 million in up front and deferred consideration […]
Yes. THAT Mitsubishi.
But, what is One Circular Quay?
[it] comprise[s] of a 59-level luxury residential tower, with a second tower developed as a 220-room luxury hotel.
Exactly what we needed — more luxury residential apartment towers.
Mitsubishi Estate currently holds a 19.9 per cent interest in the joint venture. Subject to the satisfaction of certain conditions, this will increase to 66.7 per cent and Lendlease’s ownership will reduce to 33.3 per cent. […] The development is anticipated to be completed in FY27.
Can’t wait!