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Mitsubishi Estate gains another stake in a Sydney landmark project
Clayton Utz has advised Mitsubishi Estate on its 25 per cent stake acquisition in the One Sydney Harbour Residences Two project.
Emma Musgrave
Firm: Clayton Utz (Mitsubishi Estate).
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Deal: Mitsubishi Estate has acquired a 25 per cent stake in the One Sydney Harbour Residences Two. The transaction was settled on 29 June 2021.
Value: Undisclosed.
Area: M&A.
Key players: The team advising Mitsubishi Estate was led by partner Hiroyuki Kano with assistance from partners Kathy Santikos (banking), Lina Fischer (major projects), Carrie Rogers (real estate) and Claire Smith (environment and planning).
Also assisting were counsel Clayton Barrett, Tania Chahine and Kate Thomas, senior associates Lauren Smith, Lance Bode and Tanvir Ahmed, lawyer Shaun Chng and law clerk, Daisuke Takagi, who is a Japanese qualified lawyer.
Deal significance: Mitsubishi Estate is one of Japan’s largest property developers.
The company’s latest stake acquisition in the One Sydney Harbour Residences Two project follows another 25 stake acquisition in the One Sydney Harbour Residences One project, which Clayton Utz also advised on back in July 2020.
“We are very pleased to have helped our client Mitsubishi Estate to successfully secure another stake in One Sydney Harbour, one of the largest and most complicated residential apartment development projects ever undertaken in Australia,” said partner Mr Kano.
“The transaction demonstrates that, notwithstanding the current global economic conditions and the recent reform of the Australian foreign investment regulations which came into effect in January 2021, there continues to be strong appetite from Japanese investors for Australian assets, particularly high-value, prime projects."
