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Report: Oxford Properties exits A$2B Sydney mixed-use project via Aqualand deal

Aqualand agreed to buy Oxford Properties Group Inc.'s stake in the office component of the A$2 billion Barangaroo Central integrated development in Sydney's central business district for an undisclosed sum, The Australian Financial Review reported, citing unnamed sources.

The deal with the Canadian investor is similar to the Sydney developer's agreement in July with Grocon Pty. Ltd., according to the publication. If pursued, the transaction would give Aqualand co-ownership of the 5.2-hectare development alongside Scentre Group and will take over construction responsibilities in the project, the sources added.

Barangaroo Central will have residential, retail and commercial components and will also include facilities for recreation, events and entertainment. It is expected to be completed in 2024, according to the project's website.

Grocon, Oxford Properties and Aqualand declined to comment regarding the agreement, the Sept. 1 report added.