Mirvac has sold a 66 percent interest in 55 Pitt Street, Sydney, to Mitsui Fudosan Australia.
The total office development has an estimated end value of A$2 billion ($1.3 billion).
The project will be delivered as a joint venture, with the co-owners retaining leasing risk on the development. Mirvac will co-own, develop and construct the building, and will provide leasing, investment and property management services for the asset on completion.
In other news, Mirvac has completed the sale of the Aspect South Industrial precinct in Sydney into the Mirvac Industrial Venture (MIV), with Australian Retirement Trust acquiring a 49 percent interest, bringing the total expected end value of MIV to approximately A$1 billion ($666 million), according to an ASX filing.
