Property developer Lendlease has a new international co-investor in Tower One at the Barangaroo South precinct in Sydney.
Lendlease said on Wednesday that one of Asia's largest institutional investors will acquire a 25 per cent stake in Lendlease One International Towers Sydney Trust (LLOneITST).
The acquisition is conditional upon the purchaser receiving approval from the Foreign Investment Review Board.
LLOneITST is a fund set up in June 2015 to invest in the precinct. The fund owns the third and largest commercial tower known as Tower One.
Once the sale of the 25 per cent stake in LLOneITST is completed, Lendlease's equity commitment will reduce from $525 million, or 37.5 per cent, to $175 million, or 12.5 per cent.
"Interest in the Barangaroo South precinct has grown substantially in recent years with total equity raised across the precinct of circa $3.4 billion," Lendlease Group chief executive Steve McCann said in a statement.
Other investors in LLOneITST include the Qatar Investment Authority and the Australian Prime Property Fund Commercial (APPF Commercial) which is managed by Lendlease.
Securities in Lendlease were 25 cents higher at $13.90.
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