DELFIN Lend Lease in partnership with Macquarie Real Estate Equity Fund No. 6 Pty Ltd have been selected to buy and develop the Land Development Agency's Casey 2 site in Canberra.
The site was purchased for $52 million and is due to settle in December 2008.
The 100-hectare site is located in north-west
Delfin Lend Lease will provide exclusive development services and form a joint venture with MREEF to develop the land.
MREEF is a series of wholesale development funds, managed by Macquarie Bank Limited, with 35 active projects, and total equity under management of over $400 million.
The site has an approved concept plan for 1,100 lots with a requirement for 15% of the dwellings to be provided for moderate income housing.
The seven year project is expected to commence in 2010.
Australian Property Journal