Oxford Properties and Investa have formed a partnership with Mitsubishi Estate to develop a A$1.6bn (鈧�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鈥檚 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: 鈥淲e 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鈥�.
Alec Harper, Oxford Properties鈥� head of Australia, said the partners were committed to delivering 鈥渁 project that we believe will redefine the modern workplace in Australia.鈥�
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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