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TH Real Estate, Daibiru Corporation & John Holland partner up | News
TH Real Estate has been appointed by listed Japanese real estate firm Daibiru Corporation (Daibiru) to provide investment management and development oversight for 275 George Street, Sydney.
275 George Street is an office development situated at the emerging public transport nexus between the light rail project and the Wynyard train station redevelopment.
The appointment marks TH Real Estate's first partnership with Daibiru, which has acquired the George Street development from leading construction firm John Holland, who will continue to lead construction of the project. The development consists of a Grade-A 18-storey building with 14 levels of commercial office space, atop three levels of retail and basement bike parking. Construction will begin in February 2019 and the completed development is targeting 5-star Green Star and NABERS ratings. It is expected to practically complete in June 2020.
Nick Evans, Executive Director and Head of Australia, TH Real Estate said: "We are delighted to be working with John Holland and new partner Daibiru – two highly credible firms, in developing this flagship Grade-A commercial office building. The building expands on and complements our core real estate exposure and is ideally positioned to benefit from strong CBD tenant demand as well as two major transport development projects in the city."
Toshiyuki Sonobe, Chief Executive Officer at Daibiru, said: "A landmark Sydney CBD address combined with a state of the art quality office development, in a market with high levels of transparency and liquidity is a very attractive investment proposition for us. We are pleased to partner with expert and established firms TH Real Estate and John Holland, on what we hope will be a strong and trusted relationship that we can continue to grow."
The project is located on the prominent corner position of Sydney’s George and Margaret Streets, providing three levels of high street retail fronting the light rail, which is due for completion in 2020, and the neighbouring redevelopment of Wynyard Station and Barangaroo.
John Holland Executive General Manager, Development and Investments, Tom Roche added: "We are remaining as the development manager and construction lead, and we are excited to work with Daibiru and TH Real Estate to complete what will become one of Sydney’s best office spaces."
TH Real Estate's other prime holdings in Australia include a 50% stake in 101 Miller Street and the Greenwood Plaza in North Sydney, as well as investments in Myer Bourke Street in Melbourne, and a 75% interest in Mount Ommaney Shopping Centre in Brisbane.
Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.
Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, London EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA.