Lendlease Group (ASX:LLC) is in talks with Mitsubishi Estate Asia to support its plans to purchase a luxury development site in Hyde Park in Sydney, New South Wales, which could generate over AU$2 billion in apartment sales, The Australian reported Wednesday.
The company is partnering with Mitsubishi Estate Asia to acquire the tower at 175 Liverpool Street, owned by interests associated with Chinese-Australian billionaire Hui Wing Mao.
Gaining control of the Sydney site would allow the company to start the approved project and add more top-end units to its pipeline, but the ownership split remains unknown as the developer has declined to comment in the article.
Lendlease did not immediately respond to a request for comment by MT Newswires.
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