Principal investment firm Yuhu Group is set to acquire the Bakehouse Quarter mixed-use property in North Strathfield, Sydney, from BlackWall Ltd.'s Kirela Development Unit Trust after satisfying a condition for the proposed transaction.

Yuhu Group's exercising of a call option in September to purchase Bakehouse Quarter led to a contract that was conditional on the deal either being approved by Australia's Foreign Investment Review Board or being deemed to be approved. The transaction is expected to close Feb. 20, 2019.

The development of the Bakehouse Quarter project is controlled by special-purpose trust Bakehouse Quarter Trust, which has an interest in the project by way of a 20-year development agreement, according to Blackwall's website.

Kirela was previously reported to be selling the Bakehouse Quarter property at A$380 million.