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LendLease sells 25% stake in North Sydney tower project

LendLease Group sold a 25% stake in a North Sydney tower project to the Australian Prime Property Fund Commercial, according to a Jan. 20 release.

The 40-story office building development, which is atop the future Victoria Cross metro station, will include about 58,000 square meters of office and retail space. It is expected to have an end value of roughly A$1.2 billion, the company said.

Lendlease did not disclose financial terms of the transaction.

Separately, The Australian Financial Review reported the same day that the transaction is estimated to be worth about A$300 million. LendLease won a contract to develop the project in 2018, with a price tag of A$476 million, the outlet reported.