Brief – 10 September, 2010 – Japan’s leading property developer and largest home builder, Sekisui House, and the Lend Lease Group have signed an agreement that will see the two companies working closely together on some significant housing projects in three states.
The agreement between the two companies includes the following:
- Sekisui House will acquire a 50 per cent interest in Lend Lease’s 144 apartment development, Serrata at Victoria Harbour in Melbourne. This agreement is subject to satisfying a number of conditions. Lend Lease will retain the remaining 50 per cent interest and provide development, project management and construction services to the joint venture
- Sekisui House will purchase a land interest from Lend Lease at Hyatt Coolum on the Sunshine Coast, Queensland on which Sekisui House intends to construct up to 450 new homes. Lend Lease will provide development management services to the project. Sekisui House will also acquire a 50% interest from Lend Lease in the adjoining Hyatt Coolum resort.
The two companies are also in discussion regarding Lend Lease providing development management services to Sekisui’s Wentworth Point apartment project, in Western Sydney, and to jointly develop more than 1000 apartments.
Lend Lease is also looking at being involved in two Sekisui residential land projects in Western Sydney and South East Queensland.
In a statement today Lend Lease said the two companies would “work together to identify further opportunities for Sekisui House to develop homes on Delfin Lend Lease community projects and to identify other joint residential development opportunities.”