Lendlease forms joint venture to acquire One Circular Quay development in Sydney

Lendlease Group (ASX: LLC) announced that it had formed a joint venture with Mitsubishi Estate Asia to purchase the One Circular Quay development in Sydney for total consideration of approx. AU$800 million in upfront and deferred consideration, with an additional AU$50 million payment, which is subject to certain project outcomes. Mitsubishi Estate currently holds a 19.9% stake in the joint venture. Subject to the satisfaction of certain conditions, this will increase to 66.7%, and Lendlease’s ownership will reduce to 33.3%.

The company will receive an acquisition fee on settlement, earn development management and construction management fees, equity returns on its capital, and potentially performance fees.

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