The Victorian government shortlisted groups led by Mirvac Group, Brookfield Asset Management Inc., Cbus Property, and a partnership between Dexus and John Holland Group Pty Ltd for the bidding for Melbourne's Treasury Square urban regeneration project, The Australian Financial Review reported.

The bidders are expected to offer more than A$500 million for the 13,600-square-meter Flinders Street site, which is likely to generate 130,000 square meters of net lettable area for a roughly A$2 billion commercial value.

Victoria is accepting the shortlisted developers' detailed bids for the project in Melbourne's central business district until March 12.

Colliers International is marketing the site, the Jan. 16 report added.