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Golden Horse pays A$100M for retail strata of A$1.6B Sydney mixed-use JV project

Hong Kong-based real estate developer Golden Horse Group acquired the entire 10,000-square-meter retail strata of the A$1.6 billion Park Sydney mixed-use project that it is developing in the Sydney suburb of Erskineville with Greenland Australia, The Australian Financial Review reported.

Park Sydney is currently held 60% by Greenland Australia, the paper noted March 27. It will feature retail outlets, childcare centers, a 7,400-square-meter park, cafes and restaurants. Some of the 1,400 units in the project's nine residential buildings could also be converted into build-to-rent apartments, according to an earlier report.

Wesfarmers Ltd.'s Coles and Woolworths are reportedly interested in anchoring the 6.9-hectare project that is being developed on a site that Golden Horse bought from Goodman Group during an off-market A$380 million transaction in November 2014.