Mitsubishi Estate and Ping An Real Estate to fund Lendlease A$1.5b project
Lendlease has announced that construction of Sydney’s tallest office building will be funded by Chinese financial conglomerate Ping An Real Estate and Japan’s biggest property company, Mitsubishi Estate. The A$1.5 billion ($1.1 billion) Circular Quay Tower project will be a slender glass tower totaling 52 stories. Emerge Capital Partners has been involved in plans for this project since 2014. Ping An Real Estate and Mitsubishi Estate will have 50 percent and 30 percent equity interests, respectively, while Lendlease will retain a 20 percent equity interest in the project. Other nearby developers include Mirvac Group with its skyscraper at 200 George St. and AMP Capital, which has plans at the eastern end of Circular Quay.