Dexus and CBus partner in property development

property/joint-venture/chief-executive/

6 February 2009
| By Levy. Benjamin |

Dexus Property Group and CBus Property, the property fund for the Building Industry Super Fund, will partner in the development of a six-star office tower in Sydney. CBus has acquired a one-third interest in the property.

CBus has acquired one-third of the development costs incurred so far, and will continue to develop the property on the same cost and risk basis as Dexus and the Dexus Wholesale Property Fund. The venture provides a provision for CBus to make a deferred performance-based payment to Dexus on the completion of the development.

Adrian Pozzo, the chief executive of CBus, said the joint venture would establish their presence in the Sydney market and provide CBus with another investment complementing new office towers in Melbourne and Perth.

The development will provide 3,000 jobs over the next three years for construction workers.

The development is anchored by Clayton Utz.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 2 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS