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Report: Mitsui Fudosan vies with Charter Hall, Investa for stake in A$2B project

Japanese real estate developer Mitsui Fudosan Co. Ltd. is believed to be in contention with Australian groups Charter Hall Group and Investa Property Group for Grocon Pty. Ltd.'s stake in the A$2 billion Central Barangaroo integrated project in Sydney, The Australian reported.

The mixed-use project is a joint venture with Scentre Group and Chinese-backed Aqualand. It was sanctioned by the New South Wales government and is located on a 5.2-hectare waterfront site, with completion expected in 2024.

Mitsui Fudosan, the paper added, owns a A$70 billion portfolio that includes assets in key international markets. In Australia, however, the Tokyo-based diversified property company has no projects listed on its website.

The party who clinches the marketed stake could reap ­a development-style yield for backing Grocon's up to 50,000-square-meter tower contribution to the project.

Meanwhile, Grocon is expected to receive a A$1.4 billion boost from the stake sale, the May 10 report added.