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Joint venture to construct billion-dollar estate in Sydney
The Ashmore precinct in Erskineville will house a $1.6 billion residential project made possible by a joint venture between Greenland Group and property developer Golden Horse.
Melissa Coade
Firms: Clyde & Co (Greenland Australia Group)
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Deal: Greenland has entered into a joint venture with Golden Horse to back a residential project build in NSW.
Value: $1.6 billion
Area: M&A
Key players: The Clyde & Co team advising Greenland group on the joint venture was led by partners Kon Nakousis, David McElveney, Dean Carrigan and Avryl Lattin. The partners were supported by senior consultant Payal Mahindroo, senior associates Adam Skibsted and Troy Mossley and associate Luke Carbon.
Deal significance:
Greenland has made a joint-venture agreement with Gold Horse properties to develop the Ashmore housing precinct in Erksineville, situated between the Bankstown rail line and Mitchell Road on one side and Ashmore Street and Coulson Street on the other.
Totalling seven hectares, the Ashmore precinct will be one of the largest urban development projects in Sydney. The housing estate is expected to accommodate approximately 2,700 residents on completion, and will comprise a maximum of 1,600 new dwellings, with mixed-use retail and over 7,000 square metres of new parkland.
The developers will also jointly acquire an adjoining property to the development site later next year.
The Greenland Australia Group is a Fortune 500-listed property developer involved in real estate projects in more than 90 cities worldwide.
Golden Horse Properties is the Australian arm of Hong Kong-based property and development firm Golden Horse Group.
