trending Market Intelligence /marketintelligence/en/news-insights/trending/arji5hq0xuvn7egtvpyukq2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Crown Resorts, Lendlease seek to block approval of A$5B Scentre-backed Sydney JV

Blog

Global M&A Infographic Q1 2021

Blog

Real Estate News & Analysis: April Edition

Blog

COVID-19 Impact & Recovery: Private Equity

COVID-19 Impact & Recovery: Corporates


Crown Resorts, Lendlease seek to block approval of A$5B Scentre-backed Sydney JV

Crown Resorts Ltd. and Lendlease Corp. Ltd. are seeking an injunction from the New South Wales Supreme Court to prevent the state government's Barangaroo ­Development Authority from approving the expansion of a joint venture's proposed A$5 billion integrated development in Sydney, The Australian reported.

The state government has proposed almost tripling the Central Barangaroo development to 150,000 square meters from roughly 59,000 square meters.

The pair claim that the government's efforts to enlarge the Central Barangaroo project being undertaken by Grocon Pty. Ltd., Scentre Group and Aqualand would block views from Crown Resort's planned A$2.2 billion hotel development and Lendlease's apartment tower.

According to the Aug. 10 report, Crown has taken the matter to the Supreme Court to prompt the authority "to comply with a number of its contractual obligations under the Crown Development Act." The gaming and entertainment group is concerned that the loss of views could deter tourists from staying at its luxury hotel, for which A$760 million has already been spent for construction.

If approved, the injunction would require the authority to consult Crown and Lendlease about any changes to the Barangaroo project, which was initially positioned as a cultural center of the Sydney suburb.