Allens has advised on a major Malaysian developer’s investment in a joint venture for a billion-dollar project in Australia.
The firm aided OSK Holdings subsidiary PJ Development Holdings on its joint venture with a subsidiary of Malaysia’s Employees Provident Fund (EPF). The EPF subsidiary acquired a 49% stake the joint venture for $154m.
The investment paves the way for the development of the $2.8bn Melbourne Square project, which Allens said will be one of Victoria’s largest single development projects. The project located on Kavanagh Street, Southbank, Melbourne will feature residential apartments, a retail mall, an office tower, a hotel, and serviced apartments.
The Allens team was led by corporate partner Mark Malinas and managing associate Jessica Choong.
Malinas said that the joint venture demonstrates the continued interest by Asian foreign investors in Australian real estate assets.
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